To find the interest on [tex]$3,600 at a 6% rate for 3 years, you can use the formula for simple interest:
Simple Interest = Principal x Rate x Time
1. Identify the values given in the problem:
- Principal (P) = $[/tex]3,600
- Rate (R) = 6% (0.06 as a decimal)
- Time (T) = 3 years
2. Convert the percentage rate to a decimal:
- 6% = 0.06
3. Plug the values into the formula:
Simple Interest = [tex]$3,600 x 0.06 x 3
4. Calculate the interest:
Simple Interest = $[/tex]3,600 x 0.06 x 3 = [tex]$648
Therefore, the interest on $[/tex]3,600 at a 6% rate for 3 years would be $648.
