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

Question

asked Dec 24, 2023 32.2k views

1 Answer

Sooran · Answer 1 · 2023-12-29T07:36:45+0000

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