Question

The formula to compute simple interest is /= prt where /is the interest earned in dollars, pis the principal invested in dollars, ris the rate at which it is invested, and tis the time in years of the investment. If Pat invests $500 at 4% for 3 years, how much interest will he earn?

$120
$60
$50
$600​

Answer 1

$60

Explanation:

I = prt

I = $500 * 0.04 * 3

I = $60

Answer: $60