Question

Maya deposited $3000 onto an account that pays simple interest at a rate of 6% per year. How much interest will she be paid the first four years?

Answer 1

Total Balance: $3720

Interest Paid: $720

Explanation:

$3000 balance

0.06 = 6% per year

$3000 * 0.06 = $180 per year

$180 * 4 years = $720 Interest after 4 years

$3720 balance after 4 years