A savings account earns 7% annual simple interest. The principal is $1,800. What is the interest after 6 years? What is the balance?

Question

asked Mar 21, 2022 166k views

1 Answer

GnomeDePlume · Answer 1 · 2022-03-28T15:56:29+0000

Answer:

The interest is $756.

The balance is $2,556.

Explanation:

I = Prt

I = $1,800 * 0.07 * 6

I = $756

The interest is $756.

$1800 + $756 = $2,556

The balance is $2,556.