math
 

 math  money







 

Question by  Merrick (37)

How can you figure out interest rates?

I am trying to save up for a vacation, and want to see how long it will take.

 
+7

Answer by  t123 (520)

The formula for a simple interest is ((interest rate/12) x (principal)) x period of time elapsed. For example, if you deposit $5000 with an interest rate of 20% and you want to know how much interest you've made after 3 months, it would look like this: ((.2/12) x (5,000)) x 3 = 250. In three months you'd make $250.

 
+6

Answer by  askandyoushallreceive (658)

Check your banks website and look specifically for the type of account which you have. Search around for the best rates so you can open a saving account and be able to make the most money off your money. Banks are getting better rates here lately and they will probably continue to get better.

 
+3

Answer by  sathyamreddy (7)

interest rates can be figured by how much money we are giving . borrow of 1 lakh , the interest rate should be in range of hundred to thousand

 
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