Question

Tony is going to put $900 in a savings account that earns 3.2% simple interest. He will leave the money in there for 4 years. How much money will he earn in interest? What will his account balance be at the end of 4 years?

Answer 1

Your answer would be $115.20 for your interest in all. His account balance would be $1015.20 at the end of four years.

I got this answer by first multiplying 900 times .032. I got the .032 by saying that 3 percent is .03, and .2 percent is a .002. .032 would be that percentage in a decimal version. I got 28.8 from that, so that would be your simple interest. Multiply that by four for your total interest together, and add 900 to it to get your answer.