How is the amount of interest earned on a deposit related to the length of time and the interest rate?

Question

asked Sep 4, 2024 188k views

1 Answer

Singpolyma · Answer 1 · 2024-09-08T20:47:05+0000

Explanation:

Simple interest earned =

deposit amount * decimal rate per interval * time intervals

Example $500 interest 4% per year 3 years

interest earned = 500 * .04 * 3