enidpaolayaya2009 enidpaolayaya2009

31-12-2022
Mathematics

Answered

Chris deposits $6000 into an account that pays simple interest at a rate of 2% per year.
How much interest will he be paid in the first 3 years?

Answer :

sqdancefan sqdancefan

31-12-2022

Answer:

$360

Step-by-step explanation:

You want the amount of simple interest earned by $6000 in 3 years at the rate of 2%.

Interest

The simple interest formula is ...

I = Prt

where P is the principal invested at rate r for t years.

Application

$6000 invested at 2% for 3 years earns ...

I = $6000·0.02·3 = $360

Chris will be paid $360 in interest in the first 3 years.

Answer Link

Other Questions

Dakota earned $3. 75 in interest in a county and $20 in interest in account be after 15 months. If the simple interest rate is 3% for account and 4% for account

Brayden invests money in an account paying a simple interest of 3. 3% per year. If he invests $30 and no money will be added or removed from the investment, how

Which situation can be represented by 11.50x> 118? o a. a dozen bagels cost $11.50, including tax. how many dozen bagels can a customer buy with $118? o b. a

Current Attempt in Progress Pharoah Co. Capital balances are: Barr $30,400, Croy $25,000, and Eubank $24,500. The partners share income equally. Tovar is admitt

The population in Changins since 2015 is modeled by the function P(x) = 40000 x 1. 2x where x refers to the number of years since 2015. Complete the following s

Under her cell phone plan, Aubrey pays a flat cost of $57. 50 per month and $4 per gigabyte. She wants to keep her bill at $75. 10 per month. Write and solve an

Find the indicated conditional probability using the following two-way table: Grade Drive to school Take the bus Walk Sophomore 2 25 3 Junior 13 20 2 Senior 25

In Canada, 63% of households speak English as their primary language, and 23% speak French as their primary language. If two Canadian households are selected at

Mr. Big Spender borrowed $3600 to buy a fancy car. He will begin repaying the money by paying $100 in the first month. In each month thereafter, Mr. Spender wil

Find the area of the shaded portion if we know the outer circle has a diameter of 4 m and the inner circle has a diameter of 1. 5 m. 6 9 O 12 15 12. 6 m² 1. 8