Question

$4,000 at 3% simple interest for 4 years

Answer 1

Answer: I= 480.00

Explanation:

First, converting R percent to r a decimal

r = R/100 = 3%/100 = 0.03 per year,

then, solving our equation

I = 4000 × 0.03 × 4 = 480

I = $ 480.00

The simple interest accumulated

on a principal of $ 4,000.00

at a rate of 3% per year

for 4 years is $ 480.00.

Answer 2

Total Interest = $4000 × 3% × 4
= $480.00
End Balance = $4000 + $480.00
= $4,480.00
Year Interest. Balance
1 $120.00 $4,120.00
2 $120.00 $4,240.00
3 $120.00 $4,360.00
4 $120.00 $4,480.00