Question

What is The simple interest earned on a deposit of $3000 at 6% for five years

Answer 1

Answer: $900

Step-by-step explanation:

The simple interest is calculated using the formula:

(P × R × T)/100

where,

P = Principal = $3000

R = Rate = 6%

T = Time = 5 years

Simple Interest = (P × R × T)/100

= ($3000 × 6 × 5)/100

= 90000/100

= $900

Therefore, the simple interest is $900