Question

you invest 2,000$ at a rate 4% apr for a 3 months? how much did you earn?

Answer 1

\[2000*.04*3=?\]

Answer 2

I = PRT
I = 2000 * 0.04 * 3/12

Answer 3

Helpme...don't u need the time in terms of a year?

Answer 4

how did you get the 3/12

Answer 5

Times is always in terms of 1 year. 3 months = 3/12 of a year

Answer 6

Because the percentage rate is per year. 3 months is 3/12 of one year.

Answer 7

What did you get?

Answer 8

20

Answer 9

yes $20

Answer 10

thank you