Sunday deposited #600000 in a savings account at spring bank at an interest rate of 21 par annum for years.find the paid on the money
To find the interest paid on the money, we need to use the formula:
Interest = Principal x Rate x Time
Where:
Principal = $600,000
Rate = 21% or 0.21
Time = 1 year
Plugging in the values into the formula, we get:
Interest = 600,000 x 0.21 x 1
Interest = 126,000
The interest paid on the money is $126,000.