Answer:
$60,000
Explanation:
The interest rate is presented as a percentage per year. In calculating simple interest, the expressed percentage is realized if the principal is held for a full year in the savings account.
the formula for simple interest as a follow
I= P x R x T
where I= interest, P= principal, T is time.
In this case, interest for one year will be
I =$1,000,000 x 0.06 x 1
I =$60,000
One year's interest is $60,000
