Question

How much interest is earned on $1470 at 4% for six months

Answer 1

Answer:

$29.4

Step-by-step explanation:

I assume the question is based on simple interest since you didn't specify

Using simple interest

Simple interest=P×R×T

Where,

P=principal=$1470

R=interest rate=4%=0.04

T=time=6 months=0.5 year

Simple interest=P×R×T

=1470×0.04×0.5

=29.4

Interest earned=$29.4