Question

Marsha deposited ​$6,000 into a savings account 4 years ago. The simple interest rate is 4 ​%. How much money did earn in​ interest?

Answer 1

I = $ 960.00

Explanation:

I = Prt

Since we are figuring out how much money was earned in interest, we will need to convert our R (which is the interest rate) into decimals, which will be, r = R/100 = 4%/100 = 0.04 per year.

Step 1. Divide R by 100, in this case, R is 4, so it will be 0.04.

Step 2. Times 6000 (the money that was deposited) by 0.04, then times it with 4 (the years) and you will get 960.

I = 6000 × 0.04 × 4 = 960

I = $ 960.00

I hope this helps you!

Answer 2

960.00

Explanation:

Interest = principle x rate x time

interest = 6000 x .04 x 4

960.00