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?

Algebra ->  Finance -> 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?      Log On


   

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) About Me  (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