Question

$1500 at 4% for five years what is the balance of the account

Answer 1

I think you'd do $1500x4=$6000

Answer 2

The balance of the account is $1,800

Here's why:
Interest = principal x rate x time
I = 1500 x 0.04 x 5
1500 x 0.04 = 60
I = 60 x 5
I = 300
Then add with the original
1500 + 300 = 1800