Question

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

Answer 1

$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