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Popular Word Problems >

Lamar deposits 5,000 into an account that pays simple interest at a rate of 3% per year. How much interest will he be paid in the first 6 years?

Solution

L ama r d e p os i t s 5, 000 in t o an a cco u n t t ha t p a ys s im pl e in t eres t a t a r a t e o f 3% p er ye a r . Ho w m u c h in t eres t w i ll h e b e p ai d in t h e f i rs t 6 ye a rs ?

Solution

Interest : 900

Solution steps

Translate the problem into an equation:

I = 5000 \cdot 0.03 \cdot 6

Simplify

I = 5000 \cdot 0.03 \cdot 6

Interest : 900

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