Question

Brian invests £1500 into his bank account. He receives 2% per year simple interest. How much

Answer 1

Answer:

£1590

Step-by-step explanation:

Simple interest = PRT/100

Where P = principal £1500

R = rate 2%

Time = 3 yrs

Therefore

Interest = £1500 x 2 x 3 /100

Multiply through

= 9000/100

= £90

Amount after 3yrs = principal + interest

= £1500 + £90

= £1590

Brian will have £1590 after 3 years

Answer 2

Answer:

Step-by-step explanation:

Simple interest is given as

S.I = PRT/100

Where

S.I is simple interest

R is rate in %

P is the principal

And T is time in years

So, given that

Principal (P)=£1500

Rate(R) =2%

Time(T)= 3years

Then, we are asked to find amount after 3years

S.I=PRT/100

S.I=1500×2×3/100

S.I= £90

This is the interest Brian will receive

So, the money will amount to

Amount=Principal + interest

Amount = 1500+90

Amount = £1590.

So Brian will have £1590 after 3years