Amount due after 5 years 7500. When you know the principal amount the rate and the time the amount of interest can be calculated by using the formula. Savings accounts mortgages loans investments credit cards and more.
After 6 years and also find out the total amount Simple Interest paid by the Company at the end of tenure.
I Interest Amount. The mathematical equation for calculating simple interest is However banks typically charge compound interest on loans. Interest is found in a bunch of places. An example of a simple interest calculation would be a 3 year saving account at a 10 rate with an original balance of 1000.