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If $3,000 is loaned for 4 years at a 4.5% annual simple interest rate, how much interest is earned?

If $3,000 is loaned for 4 years at a 4.5% annual simple interest rate, how much interest is earned?
asked 5.6k views
4 votes
If $3,000 is loaned for 4 years at a

4.5% annual simple interest rate,
how much interest is earned?

asked
User Quentin Revel
by
7.9k points

1 Answer

3 votes

Answer:

$540

Explanation:

Interest = Principal x Rate x Time

I = 3000(.045)(4)

I = 540

answered
User Nafeesa
by
8.3k points
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