SOLUTION: Karen deposits $300 into an account that pays simple interest at a rate of 6% per year. How much interest will she be paid in the first 2 years?

Question 725949: Karen deposits $300 into an account that pays simple interest at a rate of 6% per year. How much interest will she be paid in the first 2 years?
Answer by Kelly625(2) (Show Source): You can put this solution on YOUR website!
For this problem, you use the formula I = PRT.
I is the interest; this is what you're solving for.
P is the principle; the amount of money ($).
R is the rate; the percentage rate (%).
T is the time; in this case, in years.
So we multiply 300 by 6% by 2 years. Your equation should look like this:
I = 300 x 0.06 x 2
I = 36
Your answer is $36.00.
RELATED QUESTIONS
Karen deposits into an account that pays simple interest at a rate of per year. How... (answered by checkley79)

Jane deposits $400 into an account that pays simple interest at a rate of 3% per year.... (answered by ewatrrr)

Isabel deposits $4000 into an account that pays simple interest at a rate of 4% per... (answered by rvfer)

Ivanna deposits into an account that pays simple interest at a rate of per year. How... (answered by JulietG)

Ryan deposits $300 into an account that pays simple interest at a rate of 6% per... (answered by ewatrrr)

Jane deposits $8000 into an account that pays simple interest at a rate of 6% per year.... (answered by rfer)

Leila deposits $6000 into an account that pays simple interest at a rate of 6%... (answered by ewatrrr)

Greg deposits into an account that pays simple interest at a rate of per year. How much... (answered by Alan3354)

Rueben deposits into an account that pays simple interest at a rate of per year. How... (answered by JulietG)