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Find the simple interest on a principal of $60000 at 3% for 2 years.

2007-09-17 13:25:06 · 2 answers · asked by Boogie 2 in Education & Reference Homework Help

2 answers

I = prt

I = (60000)(.03)(2)

punch it all into a calculator and you should get

3600

2007-09-17 13:30:56 · answer #1 · answered by AbbeyDawnBlackStar 2 · 0 0

60,000 * 0.03 * 2 = 3,600; This is simple interest, I think.

Or,
60,000 * 0.03 = 1,800 First year
61,800 * 0.03 = 1,854 Second year

63,654; This is componded interest

2007-09-17 13:33:21 · answer #2 · answered by Steve B 6 · 0 0

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