Business

Question

What is $1000 at 6% interest for three years

1 Answer

  • CHECK COMMENTS.


    First, convert 6% into decimal. 6/100 = 0.06
    1000*0.06 = 60 <- that is the amount of interest.
    1000 + 60 = 1,060 <- first years total.
    1060*.06 = 63.6
    1060 + 63.6 = 1,123.6 <- second years total.
    1,123.6*.06 = 67.416
    1,123.6 + 67.416 = 1,191.016

    rounding off, the answer would be $ 1,191 dollars.
NEWS TODAY

You May Be Interested