Question

Send Halp What is the interest rate if the investment is $1,000 at 16% simple interest for 20 yrs?

Answer 1

The interest rate is already given as 16%. If you want to calculate the total interest earned on the investment, you can use the formula:

Simple Interest = (Principal x Rate x Time)/100

Where:

Principal = $1,000

Rate = 16%

Time = 20 years

Substituting the values, we get:

Simple Interest = (1000 x 16 x 20)/100 = $3,200

Therefore, the total interest earned on the investment is $3,200.

Explanation:

Answer 2

The interest rate is already given as 16%. If you want to calculate the total interest earned on the investment, you can use the formula:

Simple Interest = (Principal x Rate x Time)/100

Where:
Principal = $1,000
Rate = 16%
Time = 20 years

Substituting the values, we get:

Simple Interest = (1000 x 16 x 20)/100 = $3,200

Therefore, the total interest earned on the investment is $3,200.