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4 years ago

An account earns simple interest. $300 at 4% for 3 years a. Find the interest earned. $ b. Find the balance of the account. $

Mathematics

2 answers:

aliina [53]4 years ago

5 0

A. take 300*0.04*3 which is $36

b. add $36 to $300

Oksi-84 [34.3K]4 years ago

5 0

Answer:

a. $36

b. $336

Step-by-step explanation:

The simple interest on a amount is:

A=P(1+rt)

A is the amount after interest, P is the amount before interest, r is the rate of interest and t is the time in years.

We can use the formula:

$=300\cdot{(1+0.04\cdot{3})}=300\cdot{1.12}=336$

The interest earned is the amount after interest minus the original amount before interest:

$=336-300=36$

$36 of interest was earned

The balance of the account is $336 worked out in a

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3 years ago

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3 years ago

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