How to calculate annual interest amount from loan amount and interest rate?
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A bank loan has an annual interest rate of %, and the loan amount is $ ...
How much will the interest 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 (10) and the loan amount as Y ($5000). The calculator will calculate 10% of $5000.
Explanation using a formula:
We are looking for the value of 10% of $5000.
Formula: (Percentage / 100) * Loan amount
Interest = (10 / 100) * $5000 = 0.1 * $5000 = $500
Calculator usage: Use the Basic Percentage CALCULATOR ("What is X% of Y?"). Enter the interest rate as X (10) and the loan amount as Y ($5000). The calculator will calculate 10% of $5000.
Explanation using a formula:
We are looking for the value of 10% of $5000.
Formula: (Percentage / 100) * Loan amount
Interest = (10 / 100) * $5000 = 0.1 * $5000 = $500
Answer: The interest after one year will be $ .