Find the amount of interest on $6200 with an interest rate of 3.5% a year. How much do I have in total for 4 years?

Question

Find the amount of interest on $6200 with an interest rate of 3.5% a year. How much do I have in total for 4 years?

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Thạch Thảo 4 years 2021-07-21T09:21:52+00:00 2 Answers 14 views 0

Answers ( )

  1. diemthu
    0
    2021-07-21T09:23:22+00:00
    Reply

    868.00. Is your answer!!

  2. Jezebel
    0
    2021-07-21T09:23:31+00:00
    Reply

    Answer:

    $868

    Step-by-step explanation:

    First, converting R percent to r a decimal

    r = R/100 = 3.5%/100 = 0.035 per year,

    then, solving our equation


    I = 6200 × 0.035 × 4 = 868

    I = $ 868.00


    The simple interest accumulated

    on a principal of $ 6,200.00

    at a rate of 3.5% per year

    for 4 years is $ 868.00.

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