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liberstina [14]
4 years ago
6

An account earns simple interest.

Mathematics
1 answer:
olasank [31]4 years ago
3 0
Data:
P (Principal) = $1500
I (Simple Interest) = ?
t (time) = 5 years 
r (percentage rate) = 4% = 0.04

Formula:
I = P*r*t

Solving (1) <span>Find the interest earned.</span>
I = P*r*t
I = 1500*0.04*5
\boxed{\boxed{I = 300}}\end{array}}\qquad\quad\checkmark

Solution (2) <span>Find the balance of the account.
</span>The future value, (Account), of a loan is given by the equation: A = P + I
A = P + I
A = 1500 + 300
\boxed{\boxed{A = 1800}}\end{array}}\qquad\quad\checkmark



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