Answer:
I = $19,800
Step-by-step explanation:
Given a principle of 30,000$, a time of 6 years, and a percent interest of 11%(rate) in simple interest. We can use the simple interest formula to solve this problem.
Simple interest: I = prt.
Where I = interest(money earned), p = principle(starting money), r = rate(as a percentage), and t = time(in respect to years).
I = $6 × 11 % × $30,000
$I = 6 × 0.11 × 30,000
$I = 6 × 3,300
$I = 19,800
I = $19,800
________________
If you are curious about the current amount, just add the principle, and the interest.
current balance = I + p .
current balance = $19,800 + $30,000 .
current balance = $49,800 .
