Question

- $35,800 at 8.2% interest for 3 years. What would the interest be?

Answer 1

The formula for Interest is

I = PRT

where

P is the Principal

R is the rate

T is the time in years

Here, P = $35,800, R = 8.2% = 0.082, T = 3

=> I = 35,800 × 0.082 × 3 = $ 8806.8

Therefore, the Interest is $ 8806.8