SOLUTION: Abbi invested $1,500 in a certificate of deposit with a simple interest rate of 4%. Find the interest earned in 6 years. Then find the total of principal plus interest.

Algebra ->  Finance -> SOLUTION: Abbi invested $1,500 in a certificate of deposit with a simple interest rate of 4%. Find the interest earned in 6 years. Then find the total of principal plus interest.       Log On


   

Question 1147972: Abbi invested $1,500 in a certificate of deposit with a simple interest rate of 4%. Find the interest earned in 6 years. Then find the total of principal plus interest.
Answer by greenestamps(13203) About Me  (Show Source):
You can put this solution on YOUR website!


I = p*r*t

I = interest
p = principal (1500)
r = rate (4% = .04)
t = time (years) (6)

Plug in and evaluate to find the interest.

Then calculate principal plus interest.