Question
Jordan invested $600 in a savings account. The interest rate is 6% per year. Find the simple interest earned in 3 years. Then find the total of principal plus interest.
$36.00; $636.00
$10,800.00; $11,400.00
$108.00; $708.00
$114.61; $714.61
$36.00; $636.00
$10,800.00; $11,400.00
$108.00; $708.00
$114.61; $714.61
Answers
Answered by
GPT 3.5
To find the simple interest earned in 3 years, we can use the formula:
Simple Interest = Principal x Rate x Time
Simple Interest = $600 x 0.06 x 3
Simple Interest = $108
So, the simple interest earned in 3 years is $108.
To find the total of principal plus interest, we add the simple interest earned to the principal amount:
Total = Principal + Simple Interest
Total = $600 + $108
Total = $708
Therefore, the correct answer is:
$108.00; $708.00
Simple Interest = Principal x Rate x Time
Simple Interest = $600 x 0.06 x 3
Simple Interest = $108
So, the simple interest earned in 3 years is $108.
To find the total of principal plus interest, we add the simple interest earned to the principal amount:
Total = Principal + Simple Interest
Total = $600 + $108
Total = $708
Therefore, the correct answer is:
$108.00; $708.00