Question

Suppose that you have $1,400 in a savings account. The bank pays 1.5% annual simple interest. What would be the interest paid after 6 months? What is the balance in the account?

Please show me all the steps you used to do this.

Answer 1

I= PRT
I= 1400 X 0.015 X 0.5
I= 21 X 0.5
I= 10.5

if it was a full 12 months it would be
21 x 1= 21

if it was 1/5 years it would be
21 x 1.5 = 31.5 and so on