Simpson deposits $1,200 in a savings account that earns simple interest at the rate of 5% per year. What interest does he earn at the end of 1 year?
Answers
Answered by
11
Answer:
$60
Step-by-step explanation:
The principal amount = $1200
The Interest per Year = 5%
Time = 1 year
Therefore the Interest he would receive
=> P.T.R Interest
100
=> 1200 × 1 × 5
100
=> 12 × 1 × 5 (Both the zero
1 cancel each one out)
=> 12 × 1 × 5
=> 12 × 5
=> 60
Ans:- He earns $60 extra by interest and a total of $1260 (1200+60)
(I wished I had this much money, by the way please mark as brainiest )
Similar questions