How much interest is earned on $470 at 4% for 36 months?
1 answer:
Answer:
The interest earned on $470 at 4% for 36 months is $56.4
Step-by-step explanation:
We are given
Principal Amount P₀= $470
Rate r = 4% = 0.04
Time t = 36 months = 3 years
We need to find interest I
The formula used is:
Putting values and finding Interest I
The interest earned on $470 at 4% for 36 months is $56.4
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So,
There are 5 numbers in total.
To do these types of division, ignore the decimal and add a 0 at the end.
So we can do:
And put back the decimal.
Hope this helps :)