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3 years ago

How much interest is earned on $470 at 4% for 36 months?

Mathematics

1 answer:

bulgar [2K]3 years ago

7 0

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: $I=P_ort$

Putting values and finding Interest I

$I=P_ort\\I=470(0.04)(3)\\I=56.4$

The interest earned on $470 at 4% for 36 months is $56.4

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