Question

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?

Answer 1

$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