Question

Bob deposits $3000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 5 years?

Answer 1

He will have paid 750 interest in the first five years.

Explanation:

SI = P×R×T/100

3000 x 5 x 5 divided by 100

75000 / 100 = 750