To calculate the simple interest use the formula of
I=prt
I simple interest ?
P principle 6200
R interest rate 0.03
T time 6 years
Plug in the formula
I=6,200×0.03×6
I=1,116 ( this is the simple interest earned)
To calculate the future value or the balance after 6 years Just add the simple interest to the principle
A=p+I
A=6,200+1,116
A=7,316
Hope it helps!
