If you deposit $800 in a bank account paying 5% annual interest, how much interest will the deposit earn in 6 years if the bank computes the interest using simple interest?

(Type an integer or a decimal).

- I already know that we have to convert r into a decimal, which would be .05. The rest I don't know how to do

Question

If you deposit $800 in a bank account paying 5% annual interest, how much interest will the deposit earn in 6 years if the bank computes the interest using simple interest?

(Type an integer or a decimal). 

- I already know that we have to convert r into a decimal, which would be .05. The rest I don't know how to do

tkhunny · Answer

I = Prt -- Every time with Simple interest.

You have three of those.  Calculate the fourth.

anonymous · Answer

I=800 X .05 X 6
Is that right?

anonymous · Answer

@tkhunny