Well
You want to calculate the interest on $1000 at 3.5% interest per month after 3 year(s).
The formula we'll use for this is the simple interest formula, or:
Where: P is the principal amount, $1000.00.
r is the interest rate, 3.5% per month, or in decimal form, 3.5/100=0.035.
t is the time involved, 3....year(s) time periods.
Since your interest rate is "per month" and you gave your time interval in "year(s)" we need to convert your time interval into "month" as well.
Do this by multiplying your time, 3 year(s), by 12, since there's 12 months in 1 year.
So, t is 36....month time periods.
To find the simple interest, we multiply 1000 × 0.035 × 36 to get that:
The interest is: $1260.00
Hope i could help
