Question

Diego deposited $5,000 at a rate of 6.25 % for 20 years . Find the simple interest and amount of money Diego had in the bank after 20 years.

Answer 1

Diego had 6,250 in the bank after 20 years.

Explanation:

5,000/100=50

50*6.25=312.5*20=6250

Answer 2

First find the rate for a year .

5000 dollars × 6.25 = 31 250

After you find it multiply it by 20 ( because there are 20 years)

31 250 × 20 = 625000