Ehops9
contestada

$1500 at 4% for 5 years
a. Find the interest earned.
$___
b. Find the balance of the account.
$___

SHOW HOW YOU ST UP THE QUATION

Respuesta :

MissPhiladelphia
I am assuming that this is a simple interest computation.

Given:
Principal = 1,500
interest rate = 4%
term = 5 years

Interest = Principal * interest rate * term
Interest = 1,500 * 4% * 5 yrs
Interest = 300

Total balance after 5 years:
1,500 + 300 = 1,800

The investment earned an interest of 60 per year and a total of 300 for 5 years. 
aksnkj

The balance in the account will be extra including interest earned will be, $1500 + 300 = $1800.

Given information:

Principle=$1500

Rate=0.04 (decimal value for 4%)

Time= 5 years

What is Simple interest?

Now, calculating the simple interest by multiplying,

Simple Interest= Principle×rate×time

The interest earned will be:  

Interest = 1500 × 0.04 × 5

Interest= $300

So, the balance in the account will be extra, including interest earned  will be $1500 + 300 = $1800

For more information about simple interest, refer to the link given below:

https://brainly.com/question/4605117

Otras preguntas