What would be the yearly earnings for a person with $6,000 in savings at an annual interest rate of 2.5 percent
$6,000 × 0.035 = $210
What is interest rate?
An interest rate indicates how expensive borrowing is or how lucrative saving is. Therefore, if you are a borrower, the interest rate is the sum you pay for borrowing money and is expressed as a percentage of the overall loan amount.
Therefore,
What would be the yearly earnings for a person with $6,000 in savings at an annual interest rate of 2.5 percent
$6,000 × 0.035 = $210
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