Problema Solution
Maya deposits into an account that pays simple interest at a rate of per year. How much interest will she be paid in the first years?
Answer provided by our tutors
So simple interest requires the formula I = PRT, where I = the interest you are trying to find out, P = the principal, which in this case is $200, R = the rate divided by 100 which in this case is 6/100 per annum (per year), and T is the time, which in this case is 1 year.
So substitute all the values into the formula:
I = 200 x 6/100 x 1
I = $12
Therefore, Maya will be paid $12 interest