How to calculate annual interest amount from bank deposit principal and interest rate percentage?
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My savings account earns % interest. If I deposit $ ...
How much interest will I earn in a year?
Type of calculation: Calculating a percentage of a number
(interest amount).
How to use the calculator: Use the Basic Percentage CALCULATOR ("What is X% of Y?"). Enter 3 [X] and $10000 [Y]. It will calculate 3% of $10000.
The formula:
We want to find 3% of $10000.
Formula: (Percentage / 100) × Principal
Interest = (3 / 100) × $10000 = 0.03 × $10000 = $300
How to use the calculator: Use the Basic Percentage CALCULATOR ("What is X% of Y?"). Enter 3 [X] and $10000 [Y]. It will calculate 3% of $10000.
The formula:
We want to find 3% of $10000.
Formula: (Percentage / 100) × Principal
Interest = (3 / 100) × $10000 = 0.03 × $10000 = $300
Answer: The interest I'll earn after one year is $ .