Maya deposits $8000 into an account that pays simple interest at a rate of 2% per year. How much interest will she be paid in the first 2 years?

Question

Mathematics

Jasmine Gamble

27 March, 10:11

Maya deposits $8000 into an account that pays simple interest at a rate of 2% per year. How much interest will she be paid in the first 2 years?

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Answers (1)

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Matteo Becker · Answer 1

So just find 2% of 8000 and multiply by number of years since

I=PRT

R=rate

T=time in yyears

P=principle

I=interest

8000=principle

rate=2%

time in years=2

2%=0.02

so

I=8000 times 0.02 times 2

I=320

answe ris $320