SOLUTION: what is the interest on $950 for 4 yrs in account that earns simple interest at a rate of 3% a year? first i divided 36 mos into 365 & recieved .13, then i multiplied $950 x 0.13

Question 312469: what is the interest on $950 for 4 yrs in account that earns simple interest at a rate of 3% a year? first i divided 36 mos into 365 & recieved .13, then i multiplied $950 x 0.13 x 0.03
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!

This is just simple interest. Each year you get 3% of your original principal. 3% of $950.00 is $28.50. $28.50 times 4 years is $114.00

John

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