Study guides

☆

Q: Lisa deposits 7000 into an account that pays a simple interest rate of 3 percent a year How much interest will she be paid in the first 6 years?

Write your answer...

Submit

Still have questions?

Continue Learning about Math & Arithmetic

21.28

18.90currency as an interest..

29.86

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

7.5 x 2.5 ie 18.75

Related questions

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

21.28

21.28

18.90currency as an interest..

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

29.86

18.90 as an interest. and principle wil remain same.

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.

12.76

463.72

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

Simple interest: stays the same. Compound interest: increases.

People also asked