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Kevin deposits $7000 into an account that pays simple interest at a rate of 2% per year. How much interest will he be paid in the first 3 years?
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Kevin deposits $7000 into an account that pays simple interest at a rate of 2% per year. How much interest will he be paid in the first 3 years?

User Lalas
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1 Answer

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Use P*R*T/100, the formula for simple interest.
P = $7000
R = 2%
T = 3 years
$7000*2*3/100 = $4200
So, your answer is $4200
User Zero Infinity
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