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Popular Word Problems >

How much simple interest is earned on 1,531 deposited in a bank for 6 years at 3% annual interest rate? You would earn in interest. If necessary, round to the nearest cent.

Solution

Ho w m u c h s im pl e in t eres t i s e a r n e d o n 1, 531 d e p os i t e d in a bank f or 6 ye a rs a t 3% ann u a l in t eres t r a t e ? Y o u w o u l d e a r n in in t eres t . I f n ecess a ry, ro u n d t o t h e n e a res t ce n t .

Solution

Interest : 275.58

Solution steps

Translate the problem into an equation:

I = 1531 \cdot 0.03 \cdot 6

Simplify

I = 1531 \cdot 0.03 \cdot 6

Interest : 275.58

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