Figuring Simple Interest for 6 Years?

simple interest is paid annually. Think about it. $5 every month would be $60 interest on a $100 placed in a bank for one year. $60 is 60% of $100, so you are not right. It is $5 for the first year added to the $100 = $105. 2nd year it is 5% of $105 added to $105 = get it?