Question

Jose has 1000$ in his savings account. it pays out 5% interest what is his balance after 1 year

Answer 1

The most appropriate choice for simple interest will be given by- Balance of Jose after 1 year is $1050

What is simple interest?

Simple interest is the interest applied on the principal value after charging some certain percentage of rate for some certain amount of time.

If the principal value is p, rate is r % per annum and time is t years

Simple interest is calculated as

SI = p ₓ r ₓ t / 100

Here,

Principal for Jose = $1000

Rate = 5%

Time = 1 year

Simple interest = 1000x5x1/100

                         = $50

Amount = $(1000+50)

             = $1050

Balance of Jose after 1 year is $1050

To learn more about simple interest, refer to the link:
brainly.com/question/25793394
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