Can someone please help with this question due in 5 minutes (ASAP)
1 answer:
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Answer:
(a) $60 | (b) $660
Step-by-step explanation:
We can use the simple interest formula for this:
<em>I = interest amount</em>
<em>P = principal amount</em>
<em>r = interest rate (decimal form)</em>
<em>t = time (years)</em>
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First, change 5% into its decimal form:
5% -> -> 0.05
Next, plug in the values into the equation:
<em>The interest earned is $60. To find the total balance, just add the $600 back.</em>
The total interest earned is $60 and the total is $660.