Question

Find the amount of interest on $6200 with an interest rate of 3.5% a year. How much do I have in total for 4 years?

Answer 1

$868

Explanation:

First, converting R percent to r a decimal

r = R/100 = 3.5%/100 = 0.035 per year,

then, solving our equation

I = 6200 × 0.035 × 4 = 868

I = $ 868.00

The simple interest accumulated

on a principal of $ 6,200.00

at a rate of 3.5% per year

for 4 years is $ 868.00.