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astra-53 [7]
3 years ago
9

PLZ HELP!!!!

Mathematics
2 answers:
lidiya [134]3 years ago
8 0
Juan deposited $200 in a savings account earning 3% interest over 2 years. What was the total amount of interest earned after 2 years?

$12

$24

$120 ( my answer)

$240
creativ13 [48]3 years ago
3 0
<h3>Juan deposited $200 in a savings account earning 3% <u>simple interest</u> over 2 years. What was the total amount of interest earned after 2 years?</h3>

<em>Answer : $12</em><em> </em>

 Explanation : There are three elements that characterize a savings account: initial capital (Principal), interest rate (Rate) and deposit time (Time). The interest rate is usually annual and the time will be expressed in years also.

The interest rate can be simple or compound. The <u>simple interest</u> only applies the interest rate on the principal at the end of each payment period, but the compound interest would be more profitable, since the interest produced in each calculation period is accumulated to the principal before calculating the interests of the following calculation period, thus interests also produce interest.  

Here we apply the <u>Simple Interest</u> Formula

produced Interest = P x R x T  

P = Principal, R = interest rate (annual), T = years  

We apply the data of our case  

Produced Interest = P x R x T = $200 x 3/100 x 2 = $200 x 0.03 x 2 = $12  

Answer : $12  (total amount of interest earned after 2 years)

\textit{\textbf{Spymore}}

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