Jason deposited $280 into a bank account paying 2.5% simple annual interest. At this simple interest rate, about how much would
it be the interest after five years?
1 answer:
Answer:
Jason will have earned $35 in simple interest.
Step-by-step explanation:
Simple interest = Principal *rate *time
S.I = P * r * t
Principal = the amount deposited = $280
rate = 2.5%
time = 5 years
S.I = 280 *2.5% *5
S.I = 7*5
S.I = $35
Therefore, in 5 years, Jason will have earned $35 in simple interest.
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