if carl invests $500 today, then how much would carl need to earn each year as a simple interest rate to have $1000 in 12 years?(round the value to 100th decimal)\

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02-09-2022
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if carl invests $500 today, then how much would carl need to earn each year as a simple interest rate to have $1000 in 12 years?(round the value to 100th decimal)\

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Tutorconsortium367 Tutorconsortium367 · Answer 1 · 2022-09-05T15:15:22-04:00

$42 would carl need to earn each year as a simple interest rate of 8.37% to have $1000 in 12 years

Explanation

We know, the simple interest formula that is

A = P(1 + rt)

Here, A = final amount, P = initial principal balance, r = annual interest rate and t= time (in years)

so, r = (1/t)(A/P - 1)

= (1/12)(1000/500 - 1) (given information)

= 8.37%

His interest each year = 500 × 8.37%

= 41.85

What is simple interest rate?

Calculating the interest on a loan using simple interest is quick and simple. Simple interest is calculated by dividing the principle by the daily interest rate and the number of days between instalments.

Although some mortgages employ this calculation approach, this type of interest typically relates to auto loans or short-term loans.

On a loan with simple interest, the first portion of every payment is applied to the interest for that month, and the remaining amount is applied to the principle. Interest is never charged because each month's interest is paid in full. Compound interest, on the other hand, adds some of the monthly interest back onto the loan; you pay fresh interest on top of previous interest each month.

Learn more about simple interest

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Explanation

What is simple interest rate?

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