What is $1000 at 6% interest for three years
Business
Blake1053
Question
What is $1000 at 6% interest for three years
1 Answer

1. User Answers mckennasage
CHECK COMMENTS.
First, convert 6% into decimal. 6/100 = 0.06
1000*0.06 = 60 < that is the amount of interest.
1000 + 60 = 1,060 < first years total.
1060*.06 = 63.6
1060 + 63.6 = 1,123.6 < second years total.
1,123.6*.06 = 67.416
1,123.6 + 67.416 = 1,191.016
rounding off, the answer would be $ 1,191 dollars.