If I depoited $1,300 into an account that earned 7% imple interet for 48 month, how much interet would I gain? $4,368 $3,640 $364 $36,400

Question

asked Nov 28, 2024 9.1k views

1 Answer

Royal Rose · Answer 1 · 2024-12-02T17:22:47+0000

Answer:

$4,368

Explanation:

Simple Interest=P×r×n

where:

P=Principal

r=Interest rate

n=Term of account, in years

=========

Interest = P×r×n

P = $1300

r = 7%

n = 48 months

Interest = ($1300)*(0.07)*(48 months)

Interest = $4,368