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Simple Interest
10/01/2023
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calculating Sample Nifemi Ilori SP Simple interest is calculated on a on the interest rate. The rate per year. which means intrest.. yearly basis (annually) and depends is often given per annum → If you put money into a bank or building society for a you mortgage or other interest on this money. loan, you have to pay If you bank or have borrowed money, from a building society for a mortgage or other loan, you have to pay them interest. • Sally deposits £600 interest rate of 5% per annum. 5 100 = £30 × 600 into an account • Calculate the interest that Sally receives in one year and find much money she has in the how account after One year. Interest = 5% of £600 with NEW BALANCE = 600 + 30 = £630 an After one year Sally will have £630 QUESTION Jamie's bank account pays interest at a rate of 4.3% Per year. If he puts £850 into his account, how much will Jamie have after a year?
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