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If you have [tex]$6,000 in the bank and earn 3% interest a year, how much interest will you earn in one year?

A. $[/tex]180
B. [tex]$300
C. $[/tex]1,800
D. $2,000



Answer :

GinnyAnswer
To determine how much interest you will earn in one year on an initial amount of [tex]$6,000 with an annual interest rate of 3%, follow these steps: 1. Identify the principal amount: The initial amount in the bank is $[/tex]6,000.

2. Determine the interest rate: The annual interest rate is 3%. This can be written as a decimal: 0.03.

3. Calculate the interest: Multiply the principal amount by the interest rate to find the interest earned in one year.
[tex]\[ \text{Interest earned} = \text{Principal} \times \text{Interest Rate} \][/tex]
Substituting the given values:
[tex]\[ \text{Interest earned} = 6000 \times 0.03 \][/tex]

4. Solve the multiplication:
[tex]\[ \text{Interest earned} = 180.0 \][/tex]

Thus, the interest you will earn in one year is [tex]$180. So, the correct answer is: A) $[/tex]180
wegnerkolmp2741o

Answer:

A. 180 dollars

Step-by-step explanation:

To find the interest, we can use the formula

I = PRT , where I is the interest, P is the principle, r is the interest rate and t is the time in years.

P = 6000

R = 3% = .03

T = 1 year

I = 6000 * .03 * 1

I = 180

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