$1200 at 6% for 36 months
1200 * 0.06 * 3 = ?
i got 216 would that be right?
Yes, that's right.
thank you!
You're welcome.
To calculate the interest earned on $1200 at a 6% interest rate for 36 months, you can use the formula for simple interest:
Interest = Principal x Rate x Time
Here's how to calculate it step by step:
Step 1: Convert the interest rate from a percentage to a decimal.
The interest rate is 6%, so we divide it by 100 to get it in decimal form: 6% / 100 = 0.06
Step 2: Plug in the values into the formula.
Principal = $1200
Rate = 0.06
Time = 36 months
Interest = 1200 x 0.06 x 36
Step 3: Calculate the interest.
Interest = 1200 x 0.06 x 36 = $259.20
So, the interest earned on $1200 at a 6% interest rate for 36 months would be $259.20.