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Simple Interest

Alyssa D.

asked • 02/05/18

$600 at 5% for 2 years

What is the balance of the account

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Andrew M. answered • 02/05/18

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Mathematics - Algebra a Specialty / F.I.T. Grad - B.S. w/Honors

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Simple Interest: I = prt

I = 600(0.05)(2) = $60

Final amount in account is principal plus interest = $660

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Mark M. answered • 02/05/18

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Mathematics Teacher - NCLB Highly Qualified

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A = p(1 + r)t

A = 600(1 + 0.05)(2)

Can you calculate and answer?

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Andrew M.

Mark,

If you're doing this as compound interest it would be:

A = 600(1+0.05)² = $661.50

The way you have this input we have:

A = 600(1.05)(2) = $1,260

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02/05/18

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