Question

PLEASE HELP QUICK!
Jose deposits $500 into an account that pays simple interest at a rate of 3% per year. How much interest will he be paid in the first 3 years?

:)

Answer 1

at the end of 3 years Jose will have made 546.36. so the answer is 46.36 will be payed in the first 3 years.

Answer 2

The amount of the SIMPLE (& not compound) interest is $500x 3% =$15

After 3 years he will get 3 x 15 =$45