henry deposits $6000 into an account that pays simple interest at a rate of 3% per year. how much interest…

henry deposits $6000 into an account that pays simple interest at a rate of 3% per year. how much interest will he be paid in the first

henry deposits $6000 into an account that pays simple interest at a rate of 3% per year. how much interest will he be paid in the first

Answer

Explanation:

Step1: Recall simple - interest formula

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Step2: Convert the interest rate to decimal

The annual interest rate $r = 3%=0.03$. The principal amount $P = 6000$ and the time $t = 1$ year.

Step3: Calculate the interest

Substitute $P = 6000$, $r = 0.03$, and $t = 1$ into the formula $I=Prt$. So $I=6000\times0.03\times1$. $I = 180$.

Answer:

$180$