Question

How much interest is earned on $470 at 4% for 36 months?

Answer 1

The interest earned on $470 at 4% for 36 months is $56.4

Explanation:

We are given

Principal Amount P₀= $470

Rate r = 4% = 0.04

Time t = 36 months = 3 years

We need to find interest I

The formula used is:
`I=P_ort`

Putting values and finding Interest I

`I=P_ort\\I=470(0.04)(3)\\I=56.4`

The interest earned on $470 at 4% for 36 months is $56.4