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

Question

asked May 10, 2021 26.0k views

1 Answer

Ahmad Raza · Answer 1 · 2021-05-15T12:59:24+0000

Answer:

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