Answer:
$20.00
Step-by-step explanation:
Equation:
A = P(1 + rt)
convert R percent to r a decimal
r = R/100 = 6%/100 = 0.06 per year.
Putting time into years for simplicity,
20 months / 12 months/year = 1.666667 years.
sol.
A = 200(1 + (0.06 × 1.666667)) = 220.000004
A = $220.00
The total amount accrued, principal plus interest, from simple interest on a principal of $200.00 at a rate of 6% per year for 1.666667 years (20 months) is $220.00.
Interest: $20.00
