Question

Kevin deposited $600 into a simple interest account that pays 2.8% interest yearly. The bank charges $5 for the yearly fees. If Kevin leaves his money in the account for 5 years, how much money will he have?

Answer 1

$659

Explanation:

Interest Kevin will get after 5 years

= 600×(2.8%x5)=$84

Amount he will have after 5 years including fees

=600+84-5×5=$659