Question

Marsha deposited $6000 into a savings account five years ago the simple interest rate is 2% how much money did Marsha earning interest what would be her new account balance

Answer 1

Explanation:

The formula for determining simple interest is expressed as

I = PRT/100

Where

I represents interest paid on the loan.

P represents the principal or amount of money deposited.

R represents interest rate

T represents the duration in years.

From the information given,

P = 6000

R = 2%

T = 5 years

I = (6000 × 2 × 5)/100 = $600,

Therefore, her new account balance would be

6000 + 600 = $6600