Alex deposited $450 into a savings account earning 3.75% simple interest. How much interest will she earn in 6 years?
2 Answers
Oct 22, 2017
$101.25
Explanation:
Simple interest= principal x simple interest rate x no. of year deposited
In this case,
principal= $450
simple interest rate= 3.75%
no. of year deposited= 6
So, we can pug in the above information to get the answer.
Simple interest = $450 x 3.75% x 6= $101.25
It is the answer! Hope it can help you :)
Reminder: 1. Don't forget to add the dollar sign($)
2. When calculating the interest rate, don't miss out the % sign or the answer will be wrong!
Oct 22, 2017
Simple Interest = I = $ 101.25
Explanation:
Simple Interest
Where Principal P, No. of years = N, Rate of Interest = R.