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Samon opened a bank account with 1. 25% imple interet. The total amount of interet Samon will earn after 20 year i $812. 50. What i the interet for one year?

Sagot :

162.5  is the simple interest for one year.

What does the term "simple interest" mean?

The principal of a loan or the initial deposit into a savings account serves as the foundation for simple interest.

                   Simple interest doesn't compound, therefore a creditor will only charge interest on the principal sum, and a borrower will never be required to pay further interest on the interest that has already accrued.

P = $812.50

T = 1 Year

S.I. = ?

R = 20

According to question,

                 S.I. = P * R* T/100

                     = 812.50 * 20 * 1/100

                     = 16250/100

                    = 162.5

Learn more about    Simple interest

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