PLEASE HELP QUICK! Jose deposits $500 into an account that pays simple interest at a rate of 3% per year. How much interest will he be paid in the first 3 years? :)

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asked Jun 27, 2018 132k views

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PLEASE HELP QUICK!

Jose deposits $500 into an account that pays simple interest at a rate of 3% per year. How much interest will he be paid in the first 3 years?

:)

Mathematics
high-school

Urobo asked

by Urobo

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The amount of the SIMPLE (& not compound) interest is $500x 3% =$15

After 3 years he will get 3 x 15 =$45

Vishal Gajera answered Jun 30, 2018

by Vishal Gajera

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at the end of 3 years Jose will have made 546.36. so the answer is 46.36 will be payed in the first 3 years.

Alexey Kosov answered Jul 2, 2018

by Alexey Kosov

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