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Richard deposited $5500 for 6 years on 2.40% interest. How much simple interest will he earn
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Richard deposited $5500 for 6 years on 2.40% interest. How much simple interest will he earn

Richard deposited $5500 for 6 years on 2.40% interest. How much simple interest will-example-1
User WillBD
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1 Answer

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Formula: Principal x Rate x Time

1) $5500 x 2.40 x 6 = $79,200
2) $47,300 x 0.03 x 4 = $5,676

Note: How I got 0.03 for problem 2 is because of converting percentages into decimal form.
User Jimmy Baker
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