Question

$2000 at 4% for 3 months what is the simple interest rate

Answer 1

ummm, 4% ?

Answer 2

[AI-generated answer — Step-by-Step Bot]

To calculate the simple interest, you will need the principal amount, the interest rate, and the time period.

Principal amount (P) = $2000
Interest rate (R) = 4% (in decimal form, R = 4/100 = 0.04)
Time period (T) = 3 months

The formula for calculating simple interest is:

Simple Interest (I) = P * R * T

Substituting the given values:
I = $2000 * 0.04 * 3

I = $240

Therefore, the simple interest rate for $2000 at 4% for 3 months would be $240.

Answer 3

[AI-generated answer — Explain Bot]

To calculate the simple interest, you'll need to use the formula:

Simple Interest = Principal (P) * Rate (R) * Time (T)

In this case, the Principal (P) is $2000, and the Time (T) is 3 months. However, the Rate (R) is given as 4%.

To convert the annual interest rate to a quarterly rate, divide it by 4. So, the quarterly interest rate is 4% / 4 = 1%.

Now, we can substitute the values into the formula:

Simple Interest = $2000 * 1% * 3 months

To find the answer, calculate the simple interest:

Simple Interest = $2000 * 1% * 3 months = $60

Therefore, the simple interest on $2000 at a 4% annual interest rate for 3 months is $60.