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?

Question

28 September, 07:17

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Answers (2)

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Kathleen Barber · Answer 1

Answer: $60

Step-by-step explanation:

1% of $300 is $3

4% of $300 is $12

$12 a year for 5 years is $60

Amiya Patterson · Answer 2

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