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Alan Louden deposits $615.00 in a savings account. The account pays an annual interest rate of 5%. He makes no other deposits and withdrawals. After 3 months, the interest is calculated. How much simple
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Alan Louden deposits $615.00 in a savings account. The account pays an annual interest rate of 5%. He makes no other deposits and withdrawals. After 3 months, the interest is calculated. How much simple interest did his money earn?

User Phury
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Answer:

The interest earned on the account would be $30.75. (6150.053/12=30.75)

Explanation:

User Vanesa
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