Respuesta :
The money he would have earned as interest at the end of 5 years is $180.
How much interest would he have earned in 5 years?
Interest is the total amount that is earned in excess of the amount deposited. Interest is a function of the amount deposited, time and interest rate.
Interest = amount deposited x time x interest rate
$600 x 5 x 0.06 = $180
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The money that pat will have earned in interest at the end of 5 years is $180.00.
What is simple interest?
Simple interest is determined as amount deposited multiplied by the annual interest rate and multiplied by the period that deposits last.
Total interest=deposit*interest rate*time
deposit=$600
interest rate=6%
time=5 years
Total interest for 5 years=$600*6%*5
Total interest for 5 years=$180.00
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