Interest rate example and solution
Solution: Simple Interest = 20,000 × 13% × 3 = 7,800 . At the end of 3 years, he would have to pay . $20,000 + $7,800 = $27,800 . Tutorial on Simple Interest Examples: 1. Ian is investing $4,000 for 2 years. The interest rate is 5.5%. How much interest will Ian earn after 2 years? 2. Doug made a 3 year investment. The interest rate was 4.5%.