How much interest is charged during the second month of S. Carter's account, if the principal was $1,604 with 10% interest?
You want to calculate the interest on $1604 at 10% interest per year after 2 month. The formula to use for this is the simple interest formula. The interest is: $26.73. Usually now, the interest is added onto the principal to figure some new amount after 2 month(s), or 1604.00 + 26.73 = 1630.73. ChaCha again!
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About 0 Interest
0% interest simply means that a loan is granted to someone with no interest and all the consumer needs to pay back is the amount of the loan with no additional fees.
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