Seven years ago Maya opened a savings

account with her bank. She started with a

balance of $218. If her interest rate is 6%

per year, how much interest has accrued

using simple interest? What is Maya's

new total balance?

Question

Mathematics

Red Hot

5 April, 02:52

Seven years ago Maya opened a savings

account with her bank. She started with a

balance of $218. If her interest rate is 6%

per year, how much interest has accrued

using simple interest? What is Maya's

new total balance?

+1

Answers (1)

Know the Answer?

Miah Hurley · Answer 1

accrued interest: $91.56 total balance: $309.56

Step-by-step explanation:

The amount of simple interest is ...

I = Prt = $218·0.06·7 = $91.56

The total account balance is this amount added to the original deposit:

$218.00 + 91.56 = $309.56

Seven years ago Maya opened a savingsaccount with her bank. She started with abalance of $218. If her interest rate is 6%per year, how much interest has accruedusing simple interest? What is Maya'snew total balance?

Seven years ago Maya opened a savings

account with her bank. She started with a

balance of $218. If her interest rate is 6%

per year, how much interest has accrued

using simple interest? What is Maya's

new total balance?