Question

Item 8 An account earns simple interest. $700 at 8% for 6 years a. Find the interest earned. $ b. Find the balance of the account. $

Answer 1

56.00 for a year is the interest

336.00 is for the 6 years if it is 8% for every year.

1036.00 will be the balance of the account if the interest is 8% per year.

Explanation:

multiply 700.00 x 8% = 56.00 a year

multiply 56.00 x 6 = 336.00

then you add 336.00 + 1036.00 = $1036.00