Question

How much interest was earned on 13894.81 on a 3.9% interest over the course of 6 years?

Answer 1

$3,247.18

Explanation:

Interest = Principal (P) x Rate (R) x Time (T)

Where:

Principal (P) is $13,894.81

Rate (R) is 3.9% expressed as a decimal (0.039)

Time (T) is 6 years

Interest = $13,894.81 x 0.039 x 6 = $3,247.18

So, the interest earned on $13,894.81 at a 3.9% interest rate over 6 years is $3,247.18.