Question
principal: $720. annual interest rate: 6%. time 3 months. what is the interest earned
Answers
GPT 3.5
To calculate the interest earned, we need to use the formula:
Interest = Principal * Annual Interest Rate * Time
Where:
Principal = $720
Annual Interest Rate = 6% = 0.06 (in decimal form)
Time = 3 months = 0.25 years (since there are 12 months in a year)
Interest = $720 * 0.06 * 0.25
Interest = $10.80
Therefore, the interest earned is $10.80.
Interest = Principal * Annual Interest Rate * Time
Where:
Principal = $720
Annual Interest Rate = 6% = 0.06 (in decimal form)
Time = 3 months = 0.25 years (since there are 12 months in a year)
Interest = $720 * 0.06 * 0.25
Interest = $10.80
Therefore, the interest earned is $10.80.