Homework Answers
Solution:
b) 19.92%
Explanation for calculation of percentage of interest offered at this bank
Principle =$20,075.07
Time =10 years
Interest=$4000 / month
Formula:
Principle*Rate of Interest * Time/100= Interest
20,075.07* Rate of Interest*10/ 100=4,80,000 (sum total interest for 10 years=4000*12 *10 )
Rate of Interest=4,80,000 / 2007.507
Rate of Interest=239.11% (This is for full year)
In order to calculate per month we will divide rate of interest by 12=239.11 / 12
=19.92%
Note : we have multiplied monthly interest of $4000 with 12 months in order to calculate yearly interest and then with 10 years to calculate total interest for 10 years.
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