Question

if 8000 dollars is invested in a bank account at an interest rate of 7 per cent per year, find the amount in the bank after 11 years if interest is compounded annually:

Answer 1

Interest is easiest to calculate as a proportion of the principal.

What do you think of as interest?

Interest is the cost you incur when borrowing money or when lending it out. Interest is typically expressed as an every year percentage of loan amount. This percentage is also referred to as the interest rate alone on loans.

How is interest put to use?

For example, if you leased $100 at 5% percent, you would have to pay the lender $105 in payback. The loan provider will make $5. Throughout your life, you may discover various kinds of interests. Every loan has a unique lending rate, which will have an impact on how much you ultimately owe.

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