Question

Find the simple interest.Principal: $6000 Rate: 4% Time in months: 3

Answer 1

Given:

Principal, P = 6000

Rate, r = 4%

Time, t = 3 months

To find:

The simple interest

Step-by-step explanation:

Using the simple interest formula,

`SI=P*(r)/(100)*(t)/(12)`

Where t represents the number of months.

On substitution, we get

`\begin{gathered} SI=6000*(4)/(100)*(3)/(12) \\ SI=\text{ \$}60 \end{gathered}`

Final answer:

The simple interest is $60.