Question

What is $530, 6%, 1 year

Answer 1

$31.80

$530 * 6% * 1 year
X
To do the calculation, convert the percentage to decimal form by dividing it by 100:
6% / 100 = 0.06
Now multiply the initial amount by the interest rate in decimal form:
$530 * 0.06 = $31.80