contestada

Mike deposited $6.500 into a savings account 4 years ago. The
simple interest rate is 3%. How much money did Mike earn in
interest?

Respuesta :

mhanifa

Answer:

  • $780

Step-by-step explanation:

Given:

  • Deposit P = $6500
  • Interest rate r = 3% = 0.03 simple
  • Time t = 4 years

Use simple interest formula:

  • I = Prt
  • I = 6500*0.03*4 = 780

Answer:

  • $780

Step-by-step explanation:

We know that:

  • PRT/100 = Interest

Work:

  • 6500 x 4 x 3/100 = Interest
  • => 65 x 4 x 3 = Interest
  • => $780 = Interest

Hence, the interest mike earned is $780.