$23,250
To calculate the total amount in the account after 72 months, we use the formula for simple interest:
Total Amount = Principal + (Principal x Rate x Time)
Total Amount = $15,000 + ($15,000 x 0.0325 x 72)
Total Amount = $15,000 + ($15,000 x 2.325)
Total Amount = $15,000 + $34,875
Total Amount = $49,875
Therefore, the total amount in Vance's account after 72 months will be $49,875.
Vance invests $15,000 in an account that pays 3 1/4% simple interest for 72 months. Assuming Vance doesn't make any other deposits or withdrawals, how much will bei n his account after 72 months?
(pick an answer)
$35,100
$2,925
$29,250
$17,925
1 answer
1 answer