Question

A bank is offering 2.5% simple interest on a savings account. If Jayden deposits $5000,

how much interest will he earn in 18 months?

Answer 1

$2250

Explanation:

First, find how much more Jayden will get each month by doing 2.5% of 5000, or multiplying 0.025 * 5000 = $125 per month.

Then, since Jayden is leaving it there for 18 months, you can do 125 * 18 = 2250.

The interest he will earn is $2250