Hi guys, I'm new here, my name is Markus. Can you help me with one simple question? I think I know what it is, though. If any of guys respond back, thank you!
$300 at 5 annual interest for 7 years. Find the simple interest earned in the account.
a. $214.29
b. $11.67
c. $420.00
d. $105.00
My lucky guess is d.
2 answers
D is correct. I hope this is not a guess, but that you figured it out yourself.
Oh, no. I know how to do it. lol
See-
5% as a decimal is 0.05
So, I'll multiply $300 x 0.05 x 7. And, that my friend, will equal 105. :)
$105.00, let me clarify.
See-
5% as a decimal is 0.05
So, I'll multiply $300 x 0.05 x 7. And, that my friend, will equal 105. :)
$105.00, let me clarify.
2 answers