$1, 000 after 2 years at an interest rate of 3.0% is $ round up to the nearest cent

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01-07-2016
Mathematics

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$1, 000 after 2 years at an interest rate of 3.0% is $ round up to the nearest cent

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meerkat18 meerkat18 · Answer 1 · 2016-07-01T17:16:19+02:00

meerkat18 meerkat18

01-07-2016

This may be a simple interest computation.

Simple Interest = Principal * interest rate * term

Principal = 1,000
interest rate = 3%
term = 2 years

Simple Interest = 1,000 * 0.03 * 2
Simple Interest = 60

Total Amount after 2 years: 1,000 + 60 = 1,060

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