A bank is offering 3.5% simple interest on a savings

account If you deposit $6,000, how much interest will you

earn in 2 years.

Answer: $630

Step-by-step explanation:

You want to calculate the interest on $6000 at 3.5% interest per year after 3 year (s).

The formula we'll use for this is the simple interest formula, or:

Where:

P is the principal amount, $6000.00.

r is the interest rate, 3.5% per year, or in decimal form, 3.5/100=0.035.

t is the time involved, 3 ... year (s) time periods.

So, t is 3 ... year time periods.

To find the simple interest, we multiply 6000 * 0.035 * 3 to get that:

The interest is: $630.00