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shutvik [7]
2 years ago
13

pat deposits $600 in a saving account at a simple interest rate of 6% per year for 5 years. How much money will pat have earned

in interest at the end of 5 years
Business
2 answers:
g100num [7]2 years ago
7 0

The money he would have earned as interest at the end of 5 years is $180.

<h3>How much interest would he have earned in 5 years?</h3>

Interest is the total amount that is earned in excess of the amount deposited. Interest is a function of the amount deposited, time and interest rate.

Interest = amount deposited x time x interest rate

$600 x 5 x 0.06 = $180

To learn more about interest, please check: brainly.com/question/26164549

#SPJ1

ikadub [295]2 years ago
7 0

The money that pat will have earned in interest at the end of 5 years is $180.00.

What is simple interest?

Simple interest is determined as amount deposited multiplied by the annual interest rate and multiplied by the period that deposits last.

Total interest=deposit*interest rate*time

deposit=$600

interest rate=6%

time=5 years

Total interest for 5 years=$600*6%*5

Total interest for 5 years=$180.00

Find further guidance on determination of simple interest in the link below:

brainly.com/question/20690803

#SPJ1

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