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John deposits 5000 into an account that pays simple interest at a rate of 6 percent per year. How much interest will he be paid in the first 6 years?

Solution

John deposits 5000 into an account that pays simple interest at a rate of 6 percent per year. How much interest will he be paid in the first 6 years?

Solution

Interest : 1800

Solution steps

Translate the problem into an equation:

I = 5000 \cdot 0.06 \cdot 6

Simplify

I = 5000 \cdot 0.06 \cdot 6

Interest : 1800

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