Question

on January 1st the balance in your account is $800 on August 1st you deposit $275 in your bank pays 5.9% interest. A: calculate the amount of simple interest that you earn on August 1st (before deposit) B: calculate your total balance as of August 1st (after deposit)

Answer 1

`\begin{gathered} A\text{.} \\ \text{The simple interest earn,} \\ I=\text{PRt} \\ I=800*(5.9)/(100)*7 \\ I=330.4\text{ \$} \end{gathered}`
`\begin{gathered} B\text{.} \\ \text{Total balance is,} \\ \text{Balance}=\text{ \$800+\$330.4+\$275} \\ \text{Balance}=\text{ \$1405.4} \end{gathered}`