Question

Joe borrowed 2000$ from a bank at a rate of 7% simple interest per year how much interest did he pay in 5 years?

you have 550 in a bank account that earns 3% simple interest each year how much will be in your account in 10 years

Answer 1

1) $700; 2000 x 7% x 5 = $700 interest.

2) $715; $550 x 3% x 10 + 550 = $715 total.