145k views
1 vote
A new bank customer with $4000 wants to open a money market account the bank is offering a simple interest rate of 1.5% how much interest with a customer in 20 years

User Kwadwo
by
8.1k points

1 Answer

3 votes

Answer:

$1200

Explanation:

Given data

Principal=$4000

Rate=1.5%

Time= 20years

The expression for simple interest is

SI= PRT/100

Substitute

SI= 4000*1.5*20/100

SI=120000/100

SI=$1200

Hence the interest is $1200

User Jimtronic
by
7.8k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories