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A savings account earns 6% simple interest per year. The principal is $800. What is the balance after 18 months?
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A savings account earns 6% simple interest per year. The principal is $800. What is the balance after 18 months?

User Mlohbihler
by
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1 Answer

5 votes

Answer:

$872

Explanation:

Simple interest = Principle * Rate * Time / 100

= ( 800 * 6 * 18/12 ) / 100

= $ 72

The balance after 18 months = principle + interest

= 800 + 72

= $ 872

User Sooran
by
6.1k points
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