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What is the amount of simple interest paid on a principal amount of 3000 at a rate of 7% for a term of 4 years ?
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What is the amount of simple interest paid on a principal amount of 3000 at a rate of 7% for a term of 4 years ?

User Mopsyd
by
7.8k points

1 Answer

6 votes

Answer:

$3,840.00

Explanation:

Formula for finding simple interest - P×R×T÷100

3000 ×7 ×4 ÷100

= $3,840.00

User Marcelo Tataje
by
8.0k points
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