Question

Pablo saves $85 per month for 6 months. Then he deposits the money in an account that earns 2.1% simple interest. How much interest will he earn over 4 years? (no links just answers)

Answer 1

$42.84

Explanation:

P = 85 * 6 = 510

Formula:

I = Prt

Given:

P = 510

r = 2.1% or 0.021

t = 4

Work:

I = Prt

I = 510(0.021)(4)

I = 42.84