if $650 is placed into a savin account payin 8% interest for 4 years, how much simple interest is earned?

0 ⤊

1)$52
2)$128
3)$208
4)$256
5)$280
its not homework

2007-05-25 12:02:08 · 4 answers · asked by lourdes69cuba 1 in Business & Finance ➔ Personal Finance

3) $208

650 * .08 * 4

2007-05-25 12:05:51 · answer #1 · answered by Anonymous · 0⤊ 0⤋

3) $208 is correct. You would get $52 per year and "simple" interest implies no compounding. So after four years you've accumulated $208.

2007-05-25 19:08:03 · answer #2 · answered by zygote222 5 · 0⤊ 0⤋

oops I forgot about the 4 years, so I guess 208 is right

2007-05-25 19:10:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋

Where is this magic passbook account for that kind of money? If it was legit, I'd be going there for my short term cash.

2007-05-26 11:11:08 · answer #4 · answered by Ret. Sgt. 7 · 0⤊ 0⤋