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If a bank offers a simple interest rate of 5% per annum, how much interest will

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Question: If a bank offers a simple interest rate of 5% per annum, how much interest will be earned on a principal of $2,000 after 4 years?

Options:

  1. $200
  2. $300
  3. $400
  4. $500

Correct Answer: $400

Solution: 

Simple Interest = Principal * Rate * Time = 2000 * 0.05 * 4 = $400

If a bank offers a simple interest rate of 5% per annum, how much interest will

Practice Questions

Q1
If a bank offers a simple interest rate of 5% per annum, how much interest will be earned on a principal of $2,000 after 4 years?
  1. $200
  2. $300
  3. $400
  4. $500

Questions & Step-by-Step Solutions

If a bank offers a simple interest rate of 5% per annum, how much interest will be earned on a principal of $2,000 after 4 years?
  • Simple Interest Calculation – Understanding how to calculate simple interest using the formula: Interest = Principal * Rate * Time.
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