Question

on a deposit of 2,800 at a simple interest rate of 1.2%,how much interest will you earn after 5 year?

Answer 1

You deposit $2800 into a bank account paying 1.2% simple interest per year. You left the money in for 5 years. How much interest do you get at the end of those 5 years?

Result

The interest is $168.

Explanation

Find an interest by using the formula I=P⋅i⋅t, where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.

In this examplee P = $2800, i = 1.2% and t = 5 years, so

III=P⋅i⋅t=2800⋅0.012⋅5=168

Explanation: