Question

A bank is offering 5.5% simple interest on a savings account. If you deposit $15000, how much interest will you earn in six year? What is this question asking for? What Kinda Interest

Answer 1

You will earn $4,950.

Explanation:

To find the Simple Interest:

S.I = P × R × T/100

S.I = P × R × T/100S.I = 15,000 × 5.5 × 6/100

S.I = P × R × T/100S.I = 15,000 × 5.5 × 6/100S.I = 150 × 5.5 × 6

S.I = P × R × T/100S.I = 15,000 × 5.5 × 6/100S.I = 150 × 5.5 × 6S.I = $4,950