2000 dollars 1.2 interest rate for 10 years how much interest will I have made in 10 years
To calculate the interest earned on a principal amount of $2000 with an interest rate of 1.2% for 10 years, we need to use the simple interest formula:
Interest = Principal * Rate * Time
Here, the principal amount is $2000, the interest rate is 1.2%, and the time is 10 years.
Plugging the values into the formula:
Interest = $2000 * 1.2% * 10 years
Converting the interest rate to decimal form:
Interest = $2000 * 0.012 * 10
Interest = $240
Therefore, you will have earned $240 in interest over 10 years.