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Assume a 30-month cd purchased for $3000 pays simple interest at an annual rate of 5.5%. how much total interest does it earn? what is the balance at maturity?

Assume a 30-month cd purchased for $3000 pays simple interest at an annual rate of 5.5%. how much total interest does it earn? what is the balance at maturity?
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Assume a 30-month cd purchased for $3000 pays simple interest at an annual rate of 5.5%. how much total interest does it earn? what is the balance at maturity?

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User Pelicer
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8.5k points

1 Answer

4 votes
It will earn 0.55 x 4000 = ? annually.
? x 2.5 years = total interest earned.
4000 + interest earned = balance at maturity.
answered
User Akrun
by
7.9k points
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