if the interest rate at the bank for a savings account is 0.03%, how much money would you need to leave in the account for one year in order to earn $10 in interest?
|$500, $1,500, $8,000, Over $30,000||Over $30,000||Over $30,000: 10/0.0003 = $33,333|
We are given the principal amount, P = 4,000. The loan period, in years, is calculated by dividing 105 days into 360 days, which gives us t = 21/72. The annual interest rate is 10.5%, or in decimal form, r = 0.105. The maturity value for the loan is given by the formula A = P(1 + rt).
the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.