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.
