Question: Calculate the interest paid using Simple Interest (2 marks): p=$1,000,000 r=8.5% 1= 3 years Calculate the rate using Simple Interest: 1= $100,000 p= $2,000,000

Calculate the interest paid using Simple Interest (2 marks): p=$1,000,000 r=8.5% 1= 3 years Calculate the

Calculate the interest paid using Simple Interest (2 marks): p=$1,000,000 r=8.5% 1= 3 years Calculate the rate using Simple Interest: 1= $100,000 p= $2,000,000 t= 1 year Calculate using Compound Interest (2 marks): Principal is $1m, the rate is six and half percent and the term is 3 years. P = $100,000 annual rate of 4% paid quarterly and the term is 4 years

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