Question

Toby deposited $2,103.24 in a savings account that earns 5.1% simple interest. What will Toby’s account balance be in 10 months?

Answer 1

If I recall correctly, the simple interest formula is interest, I=P*R*T. If so, then change the APR (annual percentage rate to a decimal and divide by 12 to get it per month, then you can multiply it out. That solves for the interest, so remember to add that on to the original amount to get the total.