How to calculate annual interest amount from bank deposit principal and interest rate percentage?
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A bank deposit has an annual interest rate of % and the deposit amount is $ ...
What will the interest amount be after a year?
Type of calculation: Calculating the percentage value of a given number (interest amount).
Calculator usage: Use the Basic Percentage CALCULATOR ("What is X% of Y?"). Enter the interest rate as X (3) and the deposit amount as Y (10000). The calculator will calculate 3% of $10000.
Explanation using a formula:
We are looking for the value of 3% of $10000.
Formula: (Percentage / 100) * Principal
Interest = (3 / 100) * $10000 = 0.03 * $10000 = $300
Calculator usage: Use the Basic Percentage CALCULATOR ("What is X% of Y?"). Enter the interest rate as X (3) and the deposit amount as Y (10000). The calculator will calculate 3% of $10000.
Explanation using a formula:
We are looking for the value of 3% of $10000.
Formula: (Percentage / 100) * Principal
Interest = (3 / 100) * $10000 = 0.03 * $10000 = $300
Answer: The interest after one year will be $ .