Question

Question 2 of 40

How much more will $16,500 earn in interest than $15,000 if both are
invested in savings accounts with APYS of 4.1% for a year?
OA. $61.50
OB. $156.15
OC. $52.05
OD. $20.50

Please do step by step as to how you got the answer

Answer 1

A

Explanation:

We are asked to find the amount of interest earned on $16,500 than $15,000 with APYs of 4.1% for a year.

We will use simple interest formula to solve our given problem.

I= prt

i= amount of interest

p=principal amount

r= interest rate in decimal form

t= time in years

4.1%= 41/100= 0.041

$16,500 times 0.041 - $15,000 times 0.041

(16,500- 15,000) times 0.041

(1,500) times 0.041

So the answer is $61.50

I hope this is right, have a nice day.