If $3,000 is loaned for 4 years at a 4.5% annual simple interest rate, how much interest is earned?

asked Feb 10, 2022 5.6k views

4 votes

If $3,000 is loaned for 4 years at a

4.5% annual simple interest rate,
how much interest is earned?

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3 votes

Answer:

$540

Explanation:

Interest = Principal x Rate x Time

I = 3000(.045)(4)

I = 540

Nafeesa answered Feb 15, 2022

3.0k points

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