What is 19,800 at 16% for 7 years?

1 Answer
Jan 8, 2017

You do not state if simple interest or compounded interest. You also do not state the currency unit.

Simple interest return over 7 years is 22176


Assumption: The question is based on simple interest which is when you get the same amount each year.

Note that compound interest is when the sum you receive gets more and more ( it grows ).

#16%" of "19800" is the same as "16/100xx19800 = 3168#

So for 1 year your interest is 3168

So for 7 years your interest is #7xx3168= 22176#