Amount at the end of the 40 years will be $ 404,305.
Principal = $ 6,220
simple interest rate (i) = 11% = 0.11
time period (n) = 40 years
amount = principal x (1+i) ^ 40
= $6,220 x (1.11) ^40
+ $ 404,305
Simple Interest: Simple interest is a quick and easy way to calculate the interest on a loan. Simple interest is calculated by multiplying the daily interest rate by the principal multiplied by the number of days between payments.
This type of interest is typically applied to auto loans or short-term loans, though it is used in some mortgages. Consumers who pay their loans on time or early each month benefit from simple interest. Auto loans and short-term personal loans are typically interest-only loans.
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