Simple interest is basically the cost of borrowing money over a period of time. So if you have borrowed $110.00 at 5% for two years, you will multiply the 5% by the two years (presuming that it is 5% annual percentage rate (APR). So, You will multiply the 110 by 10% (or .1) to get $11 dollars of simple interest.
Answer:
option A
Step-by-step explanation:
given,
the bank branch is offering $1,000 certificates of deposit.
Rate of interest per year = 4 % = 0.04
The bank is selling certificates with terms of 1, 2, 3, or 4 years
total amount = A , in dollar
time of investment = k years
4 k% is added to the original deposit.
A = P + P r t
A = P (1 + r t)
A = P (1 + 0.04 k)
the correct answer is option A
Answer:
Step-by-step explanation:
I do not know what you were asking for
