The amount of interest earned at a rate of 5% annually is $1050, given a total value of $8050
What is interest?
Interest is the amount of money made from investing a particular amount of money over a period of time.
Let us assume that the interest is 5% annully, in 36 months (3 years):
Interest = $7000 * 5% * 3 years = $1050
Amount = 1050 + 7000 = $8050
The amount of interest earned at a rate of 5% annually is $1050, given a total value of $8050
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