Question

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

Answer 1

$4,368

Explanation:

Simple Interest=P×r×n

where:

P=Principal

r=Interest rate

n=Term of account, in years

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Interest = P×r×n

P = $1300

r = 7%

n = 48 months

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

Interest = $4,368

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