If you have $50 in savings for one year at an interest rate of 6 percent, how much interest will you earn at the end of the year?
History · Middle School · Tue Nov 03 2020
Answered on
Given:
Savings = $50
Interest rate for one year = 6%
Find the interest earn after the end of the year.
Solution:
Change 6% into decimal form, by dividing it with 100. Then multiply the answer by 50 since the total savings is 50$, in order to get the simple interest earned after the end of the year.
= 6/ 100
= 0.06
=(0.06)(50)
=$3
The interest after the end of the year is $3.