Question

Carmen deposits $4000 into an account that pays simple interest at a rate of 3% per year. How much interest will she be paid in the first 3 years?

Answer 1

Answer:

$360

Step-by-step explanation:

I = Prt

I = 4000 * 3 * 3%

I = 12000 * 3% (Convert 9000 and 3% into fractions.)

I =12000/1 * 3/100 (100 and 12000 have a GCF of 100)

I = 120/1 * 3/1 (Disregard the over 1 portion.)

I = 120 * 3 (Multiply 120 by 3 to get 360.)

I = $360