Answered

IDNLearn.com provides a user-friendly platform for finding and sharing accurate answers. Our experts provide timely, comprehensive responses to ensure you have the information you need.

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

Sagot :

Debmc7idn

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

AshishdwivedilVTidn

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

#SPJ2

Thank you for using this platform to share and learn. Keep asking and answering. We appreciate every contribution you make. IDNLearn.com is committed to providing accurate answers. Thanks for stopping by, and see you next time for more solutions.