SOLUTION: Suppose that you have $1,400 in a savings account. The bank pays 1.5% annual simple interest. What would be the interest paid after 6 months? What is the balance in the account?

SOLUTION: Suppose that you have $1,400 in a savings account. The bank pays 1.5% annual simple interest. What would be the interest paid after 6 months? What is the balance in the account?

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Question 1069881: Suppose that you have $1,400 in a savings account. The bank pays 1.5% annual simple interest. What would be the interest paid after 6 months? What is the balance in the account?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
I=prt=1400*.015*(1/2)=700*.015=$10.50 interest, and
balance is now $1410.50
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