Question

Principal = $47,300 Rate = 3% Time = 4 months What will the total payment plus interest be?

Answer 1

Simple Interest (I) = Principle * Rate * Time

so I = PRT

P = $47300

R = 3% = 0.03

T = 4months = 0.33years

so

Assuming its per year after 4month

I = (47300)(0.03)(0.333333)

I = 472.999527

I = $473

Now we'd add the interest(I) to the Principle

$47300 + $473 = $47773.00

Assuming it is per month, after 4months

I = PRT

I = (47300)(0.03)(4)

I = $5676.00

Now add the interest to the principle

$47300 + $5676 = $52976.00

Explanation:

there you go hope this help