Question

How much interest would you earn on a $5,000 investment after 4 years at 3%
APR?

Answer 1

9514 1404 393

Answer:

$600

Explanation:

Put the give numbers into the interest formula and do the arithmetic.

I = Prt . . . . . interest on principal P at rate r for time t

I = $5000×0.03×4 = $600

You would earn $600 interest.