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How much simple interest is earned on $4,000 in 3 1/2 years at an interest rate of 5.2%?

Sagot :

debmc7

Answer:

$728

Step-by-step explanation:

The formula for simple interest is I = PRT, where I = interest earned/paid, P = principal amount deposited or borrowed, R = rate of interest as a decimal, and T = time in years.

I = PRT

I = (4000)(0.052)(3.5)

I = 728

ashishdwivedilVT

Simple Interest earned on $4000 in three and half year with 5.2% interest rate is $ 728.

What is Simple Interest?

Simple interest is a method to calculate the amount of interest charged on a sum at a given rate and for a given period of time.

Here, Principal = $ 4000

          Time = [tex]3\frac{1}{2}[/tex] years = 7/2 years = 3.5 years

          Rate = 5.2 % =  0.052

Now, SI = P.R.T/100

         SI = 4000 X 3.5 X 5.2 / 100

         SI = $ 728

Thus, Simple Interest earned on $4000 in three and half year with 5.2% interest rate is $ 728.

Learn more about Simple Interest from:

https://brainly.com/question/22621039

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