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Charlie deposits $7000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 6 years?
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22 votes
22 votes
Charlie deposits $7000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 6 years?

User Yaser Darzi
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1 Answer

21 votes
21 votes
SI =p*r*t

7000*0.05*6

=$2100

I am so sorry I am at a rodeo right now and saw this question and wanted to help this is just a rough answer but the formula is

Simple interest = principal * rate * time
User Gotye
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