Question

Use this information to answer Parts A, B, and C.

A savings account pays an annual simple interest rate of 1.5%.

Question 1
Part A:

How much interest would you earn in 1 year on $2,000

Part B:

What would be the balance in your account after 5 years?

Part C:

How long would it take to earn $500 or more in interest?
Answer as soon as possible! Please!!! ASAP

Answer 1

A: $30

B: $2150

C: 17 years

Explanation:

A: 0.015×2000 = 30

B: 2000 + (30×5) = 2150

C: 2000 ÷ 30 = 17