Question

Adan opened a savings account to save for college. He deposited $6,000 with the account collecting 4% simple interest. How long will it take Adan to earn $1,200 in interest? (Remember I=PRT)

Answer 1

yea i think 1290

Explanation:

Answer 2

1290

Step-by-step explanation:Interest is the amount of money paid for either borrowing money or earning money on a deposit.

Simple Interest is interest that is compounded on the original principal only.

=

I = Interest

P = principal (present value)

r = interest rate (% to decimal)

t = time in years

Example 1: Find the simple interest on a $1000 investment made for 3 years at an interest rate of

5% per year.

Future Value with Simple Interest

= (1 + )

F = Future Value

P = Principal(present value)

r =interest rate

t = time in years

Example 2: Mike borrowed $1,200 at 10% simple interest per year. How much is due when the

loan matures in 9 months?