Mario deposited $6,500 in a simple interest account that pays 2.8% interest annually. If Mario leaves the money in the account f
or 12 years, how much interest will he earn?
1 answer:
Answer:
$2,184
Step-by-step explanation:
Simple interest = (Principal × Rate × Time) / 100
Principal = $6,500
Rate = 2.8%
Time = 12 years
Simple interest = (Principal × Rate × Time) / 100
= (6,500 × 2.8 × 12) / 100
= 218,400 / 100
= 2,184
Simple interest = $2,184
The simple interest on $6,500 at 2.8% for 12 years is $2,184
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