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4 years ago

What is $1000 at 6% interest for three years

1 answer:

5 0

CHECK COMMENTS.

First, convert 6% into decimal. 6/100 = 0.06
1000*0.06 = 60 <- that is the amount of interest.
1000 + 60 = 1,060 <- first years total.
1060*.06 = 63.6
1060 + 63.6 = 1,123.6 <- second years total.
1,123.6*.06 = 67.416
1,123.6 + 67.416 = 1,191.016

rounding off, the answer would be $ 1,191 dollars.

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