Best Answer

Simple interest formula: fv = pv*(1+rt) Where:

fv = future value

pv = present (initial) value

r = interest rate

t = time period So, fv = 2340*(1+0.06*5) = 2340*(1+0.03) =2340*1.03 = 2410.20 So the simple interest received is (2410.20 - 2340) $70.20. :)

Q: Leila deposits 2340 into an account that pays simple interest at a rate of 6 percent per year How much interest will she be paid in the first 5 years?

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7000*0.03*6 = 1260

18.90currency as an interest..

21.28

21.28

3,000.00 x 6% = +180.00 / year for 6 years will get 6 x 180 = 1080.00 . Sami N.

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7000*0.03*6 = 1260

For simple interest you get $10 a year total in the account for 2 years $220.The answer is arrived at by multiplying $200x1.05x1.05 (for compound interest).$200x1.05x1.05= $220.50

18.90currency as an interest..

21.28

21.28

3,000.00 x 6% = +180.00 / year for 6 years will get 6 x 180 = 1080.00 . Sami N.

29.86

With compound interest, you earn interest on the interest. Basically the interest payments are reinvested into the account whereas with simple interest, you only earn interest on the original balance. The interest payments are kept separate of the balance that you invested i.e.: with a bond, the interest payments don't go into a balance, you just get a check for them or rather your broker receives the check on your behalf and deposits it into your money market account which is separate from the bond that you purchased.

18.90 as an interest. and principle wil remain same.

12.76

463.72

Two and a half percent of 750 ie 2.5 x 7.5 which is 18.75