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In a certain year,James put $600 in a bank at the end of March and $400 in the same bank at the end of June. The bank offers 3% per year simple interest rate. Find the total amount that James receives at the end of December from the bank in the same year.

 Sep 29, 2015

Best Answer 

 #1
avatar+130560 
+10

I = Prt

 

600(.03)(9/12) + 400(.03)(6/12)  = $19.50

 

 

cool cool cool

 Sep 29, 2015
 #1
avatar+130560 
+10
Best Answer

I = Prt

 

600(.03)(9/12) + 400(.03)(6/12)  = $19.50

 

 

cool cool cool

CPhill Sep 29, 2015

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