1.John deposited $40,000.oo in the bank and earned simple interest of 7% per annum for 2 years. calculate the amount he will receive at the end of the 2 year period.
2. Find the simple interest on $15,000.00 invested for 4 years at 12% per annum.
Interest = Principal * Rate * Time
2800
a man deposited $10000 in his account at a bank 6% simple interest per annum .how much intetrest would he receive on the 10000 afer 9 months
To calculate the amount John will receive at the end of the 2-year period with simple interest, you can use the formula:
Interest = Principal × Rate × Time
1. For John's case, the principal amount (P) is $40,000, the rate (R) is 7% per annum, and the time (T) is 2 years.
Plugging these values into the formula, we get:
Interest = $40,000 × 0.07 × 2 = $5,600
2. To find the simple interest on $15,000 invested for 4 years at 12% per annum, we can use the same formula.
Principal amount (P) = $15,000
Rate (R) = 12% per annum
Time (T) = 4 years
Plugging these values into the formula, we get:
Interest = $15,000 × 0.12 × 4 = $7,200.
Thus, John will receive $5,600 at the end of the 2-year period, and the simple interest on the $15,000 invested for 4 years at 12% per annum will be $7,200.