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28 September, 07:17

Karen deposits $300 into an account that pays simple interest at a rate of 4% per year. How much interest will she be paid in the first 5 years?

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Answers (2)
  1. 28 September, 07:18
    0
    Answer: $60

    Step-by-step explanation:

    1% of $300 is $3

    4% of $300 is $12

    $12 a year for 5 years is $60
  2. 28 September, 07:21
    0
    60

    Step-by-step explanation:

    The formula for finding simple interest is A=PRT/100

    P=300

    R=4

    T=5

    So, A=300 x 4 x 5/100

    That equal to 60
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