Question

Need answer ASAP thanks!

If the bank pays 6% interest and you deposit $1,500, how much will you have in the
bank at the end of the year?

Answer 1

assuming its an annual interest

Okay so 6 percent interest, the bank is paying you.
So with this it’s 6 percent of 1500 and add it to 1500.

You can always find 6 percent of 1500 and then add but here’s a short cut.
Your principle (beginning) balance is 1500.
That’s already 100 percent since thats yoru original value.
You then get added 6 percent interest.
We are jsut adding 6 percent to 100 percent so 106 percent.
Now we solve normally and you’d get the answer faster.

106 percent is 106/100 or 1 3/5 or 1.06

now we multiply
1500 * 1.06 = 1590

Your final balance would be 1590 after the 6 percent interest is added.