Question

Bonnie invested $8000 for 6 years in a savings account paying simple interest with a yearly interest rate of 1.5%. How much simple interest did she earn? Show your work.

Answer 1

The amount of interest earned is $720.00. Simply multiply 8000 x .015 x 6.

Answer 2

Bonnie earned $720

you can turn a percentage into a decimal that you can multiply with by moving the decimal point 2 places to the left.

so 8,000 x 6 x 0.015 = 720