Question

What is the interest earned on $3,000 at a rate of 0.04 for 3 years?

Answer 1

Simple interest formula: I=PxRxT

I= the interest Money created in dollars
P= Starting money (Principal)
R= The interest Rate per year
T= The Years (time)

So it will look like I=3,000x0.04x3 That should equal 360