Question

deposited $175 each month the balance of the savings account in 5 years will be $12,100.how much of the final balance will come from the interest earned

Answer 1

Answer:

$1,600

Step-by-step explanation:

To find out how much of the final balance will come from the interest earned, you have to determine the total value of the deposits made and subtract this from the balance the account will have after 5 years.

amount deposited each month: $175

months: 12*5= 60

Total amount deposited: $175*60= $10,500

Interests: $12,100-$10,500= $1,600

According to this, the amount of the final balance that will come from the interest earned is $1,600.