Question

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Jose deposits $1500 of his tax refund into an account that earns simple annual interest. How much interest will his account earn after 6 years at an annual interest rate of 4%?

Answer 1

1500 / 100 = 15   (This is how much 1% of 1500 is)
15 * 4 = 60           ( This is 4% of 1500)
60 * 6 = 120

He will earn 120 dollars over a 6 year time period, with 4% interest.