contestada

Seven years ago Maya opened a savings
account with her bank. She started with a
balance of $218. If her interest rate is 6%
per year, how much interest has accrued
using simple interest? What is Maya's
new total balance?

Respuesta :

sqdancefan

Answer:

  • accrued interest: $91.56
  • total balance: $309.56

Step-by-step explanation:

The amount of simple interest is ...

  I = Prt = $218·0.06·7 = $91.56

The total account balance is this amount added to the original deposit:

  $218.00 + 91.56 = $309.56

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