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Arnold Ackerman deposits $870 in a savings account at Home City Bank. The account pays an annual interest rate of 7 percent. He makes no other deposits or withdrawals. After three months the interest is
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Arnold Ackerman deposits $870 in a savings account at Home City Bank. The account pays an annual interest rate of 7 percent. He makes no other deposits or withdrawals. After three months the interest is calculated. How much simple interest does his money earn?

User Annarose
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1 Answer

3 votes

Answer: $15.23

Explanation:

$870 x ((7% / 12 months) x 3 months)

= $870 x 0.005833 x 3

= $15.23

User Nominal Animal
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