Mary invested $3,750 for 42 months at a simple interest rate of 3.85%. How much interest did she earn?
I = Prt
I = 3750 * 0.0385 * 3.5
I = ?
To find the interest earned by Mary, we can use the formula for simple interest:
Interest = Principal × Rate × Time
Given:
Principal = $3,750
Rate = 3.85% = 0.0385 (convert it to decimal)
Time = 42 months
Now we can plug in the values into the formula and calculate the interest earned:
Interest = $3,750 × 0.0385 × 42
Using a calculator, we can multiply these values:
Interest ≈ $5,555.75
Therefore, Mary earned approximately $5,555.75 in interest.