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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.

 +1 vote! +7 you voted 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.

 +1 vote! +6 you voted 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.

 +1 vote! +3 you voted 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