Question

Jordan invested $1000 in a savings account. The interest rate is 6% per year. Find the simple interest earned in 4 years. Then find the total of principal plus interest

Answer 1

The principal would be the original amount, which is $1,000.

The simple interest would be $240, because you would multiply 6% by the principal and then multiply by the amount of years, which is 4. This gives you a total of 240.

The total of principal plus interest would be $1,240, adding both the original amount and the simple interest you owe the bank.