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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? :)

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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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?

:)

User Urobo
by
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2 Answers

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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
User Vishal Gajera
by
8.0k points
6 votes
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.
User Alexey Kosov
by
7.7k points
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