Question

What is the simple interest on $4000 principal at 5% for 3/4 years

Answer 1

Answer:

$150

Explanation:

The simple interest can be calculated using the following equation

I = Prt

Where P is the principal, r is the rate as a decimal and t is the number of years.

So, replacing P = $4000, r = 5% = 0.05 and t = 3/4 years, we get:

I = ($4000)(0.05)(3/4)

I = $150

Therefore, the simple interest is $150