What is the periodic interest rate for an account that is billed monthly with an APR
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Answer
Find out the how much money was in the account after years.
To prove
Formula
As given
Tracy deposited $59 into a bank account that earned 3.5% simple interest each year.
Principle = $59
Rate = 3.5 %
i.e
Time = 1.5 years
Put all the values in the equation
= \frac{309.75}{100}[/tex]
= $3.1(approx)
Amount in the account = Principle + Simple interest
= $59 + $ 3.1
= $ 62.1
1 Dollar = 100 cent
Now convert $62.1 into cent.
= 62.1 × 100
= 6210 cent
Therefore the money in the account is 6210 cent .