Question

Michael deposits $3000 into an account that pays simple interest at a rate of 2% per year. How much interest will he be paid in the first 6 years?

Answer 1

$3360 in the first 6 years.

Explanation:

To get the answer, you need to do 3000 x 2%. That would get you 60. Then, you multiply 60 x 6 (6 for the 6 years) which would be 360. Finally, you add 360 to 3000 and your answer would be $3360.