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13 November, 07:37

Marco deposited $350 in a savings account with a simple interest rate of 6% per year. How much interest did he earn in 3 months

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Answers (2)
  1. 13 November, 08:24
    0
    This question is asking about Simple Interest

    Formula: I=P*r*t

    6%=0.06

    I=350*.06*3

    I=$63.00
  2. 13 November, 09:58
    0
    If he earns 0.06 each year, then he earns 0.005 (0.5%) each month.

    $350 * (0.005*3months) = 0.015*350=$5.25
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