keeponbelieving1 keeponbelieving1

01-07-2016
Mathematics

Answered

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

Verified Answer :

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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