Question

$7,400 at 10.5% for 4 years

Answer 1

$3108

Explanation:

Use the formula: Interest = Principal(rate)(time)

I = Prt

P: 7400

t: 4

r: 10.5% convert to a decimal 10.5/100 = 0.105

I = 7400(4)(0.105)

I = 3108