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Determine the total amount of an investment of $1,400at 3.5% simple interest for 48 months

User Craigts
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Answer:

$3,752.

Explanation:

To determine the total amount of an investment of $1,400 at a 3.5% simple interest rate for 48 months, you can use the formula:

Total amount = Principal + (Principal x Rate x Time)

Step 1: Convert the interest rate from a percentage to a decimal by dividing it by 100.

In this case, 3.5% becomes 0.035.

Step 2: Plug in the values into the formula.

Total amount = $1,400 + ($1,400 x 0.035 x 48)

Step 3: Calculate the expression within the parentheses first.

$1,400 x 0.035 = $49

Step 4: Multiply $49 by 48.

$49 x 48 = $2,352

Step 5: Add the principal amount to the result.

$1,400 + $2,352 = $3,752

Therefore, the total amount of the investment after 48 months at a 3.5% simple interest rate would be $3,752.

User Masoud Gheisari
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