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Popular Word Problems >

Latoya deposits 400 into an account that pays simple interest at a rate of 2% per year. How much interest will she be paid in the first 3 years?

Solution

L a t oy a d e p os i t s 400 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 2% p er ye a r . Ho w m u c h in t eres t w i ll s h e b e p ai d in t h e f i rs t 3 ye a rs ?

Solution

Interest : 24

Solution steps

Translate the problem into an equation:

I = 400 \cdot 0.02 \cdot 3

Simplify

I = 400 \cdot 0.02 \cdot 3

Interest : 24

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