Math Personal Finance

Assume a 30-month CD purchased for $4000 pays simple interest at an annual rate of 5.5%. How much total interest does it earn? What is the balance at maturity?

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asked by Alexis
  1. It will earn 0.55 x 4000 = ? annually.
    ? x 2.5 years = total interest earned.
    4000 + interest earned = balance at maturity.

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    posted by DrBob222

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