Calculate the Amount of Interest You'll Have at the End

question 68

Multiple Choice

Calculate the amount of interest you'll have at the end of the indicated period.
-You invest $33,200 in an account that pays simple interest of 3% for 1 year(s) .

• A)$99,600.00
• B)$99.60
• C)$11,066.67
• D)$996.00

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Definitions:

Inventory Conversion Period

The average time it takes for a company to turn its inventory into sales.

Compensating Balance

A minimum bank account balance that a borrower is required to maintain with a lender as part of a loan agreement, often used to offset the cost of maintaining the loan.

Deficit Financing

The practice of funding government spending by borrowing rather than from taxation, leading to budget deficits.

Interest Charges

The cost incurred by an entity for borrowing funds; these are often calculated as a percentage of the principal amount loaned or the outstanding balance.