Jordan invested $800 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

$144.00; $944.00

$48.00; $848.00

$152.81; $952.81

$14,400.00; $15,200.00

Answer 1

To find the simple interest earned in 3 years, we use the formula:

Simple Interest = Principal x Rate x Time

Simple Interest = $800 x 0.06 x 3 = $144.00

So, the simple interest earned in 3 years is $144.00.

To find the total of principal plus interest:

Total = Principal + Simple Interest = $800 + $144.00 = $944.00

Therefore, the correct answer is: $144.00; $944.00