Calculate the amount of interest you'll have at the end of the indicated period.
-You invest $6000 in an account that pays simple interest of 3% for 6 years.

Question

Quizplus · Accepted Answer

Simple interest is calculated using the formula I = PRT, where I is the interest, P is the principal amount ($6000), R is the rate of interest per year (3% or 0.03), and T is the time in years (6). So, I = $6000 * 0.03 * 6 = $1080.00.

Calculate the Amount of Interest You'll Have at the End