interest on 300 at 3% for 4 years.\n$36\n$18\n$9\n$12
interest on 300 at 3% for 4 years.\n$36\n$18\n$9\n$12
Answer
Explanation:
Step1: Identify the simple - interest formula
The formula for simple interest is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.
Step2: Convert the percentage to decimal
The interest rate $r = 3%=0.03$, $P = 300$, and $t = 4$.
Step3: Substitute values into the formula
$I=300\times0.03\times4$. First, $300\times0.03 = 9$. Then, $9\times4=36$.
Answer:
$36$