How much simple interest is earned on 1,531 deposited in a bank for 6 years at 3% annual interest rate? You would earn in interest. If necessary, round to the nearest cent.

Solution

How much simple interest is earned on 1, 531 deposited in a bank for 6 years at 3% annual interest rate? You would earn in interest. If necessary, round to the nearest cent.

Solution

Interest : 275.58

Solution steps

Translate the problem into an equation:

I = 1531 \cdot 0.03 \cdot 6

Simplify

I = 1531 \cdot 0.03 \cdot 6

Interest : 275.58

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