Answer: $630
Step-by-step explanation:
You want to calculate the interest on $6000 at 3.5% interest per year after 3 year(s).
The formula we'll use for this is the simple interest formula, or:
Where:
P is the principal amount, $6000.00.
r is the interest rate, 3.5% per year, or in decimal form, 3.5/100=0.035.
t is the time involved, 3....year(s) time periods.
So, t is 3....year time periods.
To find the simple interest, we multiply 6000 × 0.035 × 3 to get that:
The interest is: $630.00
