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$1500 at 4% for 5 years

AFind the interest earned.

$___

BFind the balance of the account.

$___

SHOW HOW YOU ST UP THE QUATION

Verified Answer :

MissPhiladelphia

I am assuming that this is a simple interest computation.

Given:
Principal = 1,500
interest rate = 4%
term = 5 years

Interest = Principal interest rate term
Interest = 1,500 4% 5 yrs
Interest = 300

Total balance after 5 years:
1,500 + 300 = 1,800

The investment earned an interest of 60 per year and a total of 300 for 5 years.

aksnkj

The balance in the account will be extra including interest earned will be, $1500 + 300 = $1800.

Given information:

Principle=$1500

Rate=0.04 (decimal value for 4%)

Time= 5 years

What is Simple interest?

Now, calculating the simple interest by multiplying,

Simple Interest= Principle×rate×time

The interest earned will be:  

Interest = 1500 × 0.04 × 5

Interest= $300

So, the balance in the account will be extra, including interest earned  will be $1500 + 300 = $1800

For more information about simple interest, refer to the link given below:

https://brainly.com/question/4605117

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