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.

Question

$36.00; $636.00

$10,800.00; $11,400.00

$108.00; $708.00

$114.61; $714.61

Answer 1

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