Question

An account earns simple interest. $1675 at 4.6% for 4 years a. Find the interest earned. $___ b. Find the balance of the account. $___

Answer 1

A. First, divide 1675 by 100 to find 1% of it. 
1675 / 100 = 16.75 
Then, multiply 16.75 by 4.6 to get 4.6%. 
16.75 x 4.6 = 77.05 
77.05 is the interest for one year. 
Multiply it by 4 to get the interest for 4 years. 
77.05 x 4 = 308.20 
The interest earned is $308.20. 

B. Add the interest to the original balance to get the total. 
308.20 + 1675 = 1983.20 
The balance of the account is $1983.20 after 4 years. 

Hope this help!