Question

jimmy opened a savings account and deposited $5,000. the savings account will pay 1% simple interest monthly. if Jimmy does not not take out any money or add any money to his savings account, how much money will he have in the savings account at the end of one year

Answer 1

Simple interest = PTR/100
= 5000×12×1/100
= 60000/100
= $ 600

So, amount = SI + principle amount
= 600+5000
= $5600

Answer 2

Turn 1% into decimal which is 0.01.
5,000×0.01=50
12 months=1 year
50×12=600
600+5,000=5,600
Answer: He will have $5,600 in his account at the end of one year.
Hope this helps!!!