Joey made a deposit of $3,200 into an account that earns 6% simple interest for 3 years. How much does he make in interest?

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Rafay Hassan asked Apr 19, 2022

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Joey made a deposit of $3,200 into an account that earns 6% simple interest for 3 years. How much does he make in interest?

Mathematics
high-school

Rafay Hassan asked Apr 19, 2022

by Rafay Hassan

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28 votes

Answer:

$576

Explanation:

The equation for simple interest is I = PRT, where I is the interest earned, P is the principal/amount deposited, R is the rate as a decimal, and T is time in years.

I = (3200)(0.06)(3)

I = 576

Grigory Ilizirov answered Apr 25, 2022

by Grigory Ilizirov

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