Question

¿Cuál es interés simple generado en un plazo fijo, por una capital de $10.000.000, al 4% bimestral durante 4 años?

Answer 1

S.I = $1,608,000

Explanation:

Given the following data;

• Principal = $10.000.000
• Interest rate = 4%
• Time = 4 years

To find the simple interest, we would use the formula;

S.I = PRT

Where;

• S.I is the simple interest.
• P is the principal.
• R is the interest rate.
• T is the time.

Since the interest is being paid every two months (six times a year), the 4% interest will be divided by 6.

Thus: 4% every two months =
`4 * \frac {2}{12}` =
`\frac {8}{12}` = 0.67% = 0.0067

4 years = 4 * 6 = 24 two-month years.

Substituting the values into the formula, we have;

S.I = 10.000.000 * 0.0067 * 24

S.I = $1,608,000