Question

Find the interest: $2,000 starting amount, 5% interest rate, 3 years.

Answer 1

Use the given information

Principal=$2,000

Rate=5%=0.05

Time=3

Replace the values

$\begin{gathered} I=P\cdot R\cdot T \\ I=2,000\cdot0.05\cdot3 \\ I=300 \end{gathered}$

The interest is $300