SOLUTION: For an account that earns simple annual interest,find the interest and the balance of the account. P= $4500 ,r = 4%,t = 15 years Any help with this equation would <b>Greatly<

Algebra ->  Equations -> SOLUTION: For an account that earns simple annual interest,find the interest and the balance of the account. P= $4500 ,r = 4%,t = 15 years Any help with this equation would <b>Greatly<      Log On


   

Question 125225: For an account that earns simple annual interest,find the interest and the balance of the account.
P= $4500 ,r = 4%,t = 15 years
Any help with this equation would Greatly appreciated.
Answer by checkley71(8403) About Me  (Show Source):
You can put this solution on YOUR website!
I=P(1+R)^T-P
I=4500(1+.04)^15-4500
I=4500*1.8-4500
I=810-4500
I=3600 IS THE INTEREST.
4500+3600=8100 IS THE BALANCE AT THE END OF 15 YEARS.