Answer:
$600 interest will be paid in the first 5 years
Step-by-step explanation:
Simple interest is calculated only on the principal or initial amount deposited. Jim deposits 6000 into an account that pays simple interest at a rate of 2% per year. The formula for simple interest is expressed as
I = PRT/100
Where
I represents interest after the given time.
R represents the interest loan on the principal.
T represent number of time in years.
P represents principal or initial amount deposited.
From the information given,
R = 2
P = 6000
T = 5
I = (6000 × 2 × 5)/100 = $600
500 / 100 = 5 5 x 15 = 75 75 x 4 = 300 300 + 500 = 800
After the loan, you will pay $800. Hope this helps :)
Answer:
The answer would be -5. Hopefully I'm not wrong.
