You deposited $600 in a saving account that earns a simple interest rate of 1.5%per year. You want to keep the money in the account for 6 years. How much interest will you earn? *

Answer 1

The formula for calculating simple interest is

I = PRT

I = Interest

P = Principal or the amount deposited ($600)

R = Rate of Interest (1.5%)

T = Time (6 yrs)

I = (600) (1.50) (6)

Multiply the 3 factors and you will have your answer.