Question

Find the simple interest.Principal: $6000 Rate: 4% Time in months: 3

Answer 1

Given:

Principal, P = 6000

Rate, r = 4%

Time, t = 3 months

To find:

The simple interest

Explanation:

Using the simple interest formula,

$SI=P\times\frac{r}{100}\times\frac{t}{12}$

Where t represents the number of months.

On substitution, we get

$\begin{gathered} SI=6000\times\frac{4}{100}\times\frac{3}{12} \\ SI=\text{ \ }60 \end{gathered}$

Final answer:

The simple interest is $60.