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Popular Word Problems >

Deandre deposits 2000 into an account that pays simple interest at a rate 2%of per year. How much interest will he be paid in the first 3 years?

Solution

De an d re d e p os i t s 2000 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 2% o f 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 3 ye a rs ?

Solution

Interest : 120

Solution steps

Translate the problem into an equation:

I = 2000 \cdot 0.02 \cdot 3

Simplify

I = 2000 \cdot 0.02 \cdot 3

Interest : 120

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