a deposit of 4000 at 6.5% for 270 days show amount of interest earned
answer 2870
To find the amount of interest earned, you can use the simple interest formula:
Interest = Principal * Rate * Time
In this case, the principal (deposit) is $4000, the interest rate is 6.5%, and the time period is 270 days.
First, convert the interest rate from a percentage to decimal form by dividing it by 100: 6.5% / 100 = 0.065.
Next, convert the time period from days to years by dividing the number of days by 365: 270 / 365 = 0.7397 (rounded to four decimal places).
Now, substitute the values into the formula:
Interest = $4000 * 0.065 * 0.7397
Calculating this results in:
Interest = $191.09 (rounded to two decimal places)
Therefore, the amount of interest earned on a deposit of $4000 at 6.5% for 270 days is approximately $191.09, not $2870 as mentioned in the answer you provided.
To calculate the amount of interest earned on a deposit, you can use the formula:
Interest = (Principal * Rate * Time) / 100
Given:
Principal (P) = $4000
Rate (R) = 6.5%
Time (T) = 270 days
Converting the rate from percentage to decimal form:
Rate (R) = 6.5% = 6.5/100 = 0.065
Plugging the values into the formula:
Interest = (4000 * 0.065 * 270) / 100
Interest = (1040 * 270) / 100
Interest = 280,800 / 100
Interest = $2,808
Thus, the amount of interest earned on a deposit of $4000 at a rate of 6.5% for 270 days is $2,808.
No. You wouldn't pay almost 3000 for a 4,000 loan for less than a year.
I = PRT
I = 4,000 * 0.065 * 0.74
I = $192.40