Question

19

Phil invests £800 for 3 years in a bank account.
The account pays simple interest at a rate of 2% per year.
Work out the total amount of interest Phil has got at the end of 3 years

Answer 1

Answer: 48 is the total amount of interest


If the account has 800, .02 times 800 equals 2 percent so doing that 2 percent is 16 and 16 times 3 is the amount of interest he got at the end of 3 years which is 48.

Answer 2

£4800

Explanation:

principal amount:£800

time:3years

rate:2%

amount= principal*rate*time

£800*2*3

=£4800