Question

If you save $4,500 at an interest rate of 13 percent per year, how much will you have at the end.

Answer 1

Simple Interest is the quickest way to calculate interest. The simple interest on the principal amount of $4,500 for 1 year will be $585.

What is Simple Interest?

Simple interest is a method to calculate interest it's the easiest way to calculate interest on a principal amount.

Given to us

Principal amount, P = $4,500

Rate Interest, r = 13%

Time period, T = 1

As we know the formula of simple interest simply substitute the values,

$SI = \dfrac{P \times r \times T}{100}$

$SI = \dfrac{4500 \times 13 \times 1}{100}\\\\SI = \ 585$

Hence, the simple interest on the principal amount of $4,500 for 1 year will be $585.

Learn more about Simple Interest:

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