Answer:
The interest is $48
Step-by-step explanation:
You want to calculate the interest on $400 at 4% interest per year after 3 years.
The formula we'll use for this is the simple interest formula.
P is the principal amount, $400.00.
r is the interest rate, 4% per year, or in decimal form, 4/100=0.04.
t is the time involved, 3....year(s) time periods.
So, t is 3....year time periods.
To find the simple interest, we multiply 400 × 0.04 × 3 to get $48.
