Data:
P (Principal) = $1500
I (Simple Interest) = ?
t (time) = 5 years
r (percentage rate) = 4% = 0.04
Formula:
[tex]I = P*r*t[/tex]
Solving (1) Find the interest earned.
[tex]I = P*r*t[/tex]
[tex]I = 1500*0.04*5[/tex]
[tex]\boxed{\boxed{I = 300}}\end{array}}\qquad\quad\checkmark[/tex]
Solution (2) Find the balance of the account.
The future value, (Account), of a loan is given by the equation: A = P + I
[tex]A = P + I[/tex]
[tex]A = 1500 + 300[/tex]
[tex]\boxed{\boxed{A = 1800}}\end{array}}\qquad\quad\checkmark[/tex]
