A bank deposit of $987 paid $29.61 in interest what was the percentage of the interest paid
To find the percentage of the interest paid, you can divide the amount of interest by the initial deposit and then multiply by 100.
Percentage of interest paid = (Interest / Initial deposit) * 100
In this case, the interest paid is $29.61 and the initial deposit is $987.
Percentage of interest paid = (29.61 / 987) * 100
= 0.029945 * 100
= 2.9945
So, the percentage of interest paid is approximately 2.99%.
To determine the percentage of interest paid, we can use the following formula:
Interest Rate = (Interest / Principal) x 100
In this case, the interest paid is $29.61 and the principal amount is $987. Plugging these values into the formula:
Interest Rate = (29.61 / 987) x 100
Calculating this expression:
Interest Rate = 0.0299727 x 100
Interest Rate ≈ 2.99727%
Therefore, the percentage of interest paid is approximately 2.99727%.
To find the percentage of interest paid, you need to divide the interest amount by the principal (the original amount in the bank deposit) and then multiply by 100 to convert it into a percentage.
Step 1: Calculate the percentage of interest paid.
Interest Percentage = (Interest Amount / Principal Amount) * 100
In this case, the interest amount is $29.61. However, we don't have the principal amount. To calculate the principal amount, we need to subtract the interest from the total amount.
Step 2: Calculate the principal amount.
Principal Amount = Total Amount - Interest Amount
Since we know the total amount is $987, we can now calculate the principal amount.
Principal Amount = $987 - $29.61 = $957.39
Now that we have the principal amount, we can calculate the percentage of interest paid.
Step 3: Calculate the percentage of interest paid.
Interest Percentage = (Interest Amount / Principal Amount) * 100
Interest Percentage = ($29.61 / $957.39) * 100
Using a calculator, divide $29.61 by $957.39, then multiply the result by 100 to get the interest percentage.
Interest Percentage ≈ 0.0309 * 100
Interest Percentage ≈ 3.09%
Therefore, the interest paid is approximately 3.09% of the bank deposit.