Answer:
The simple interest is $720.
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
[tex]E = P*I*t[/tex]
In which E are the earnings, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
In this problem, we have that:
[tex]P = 6000, r = 0.03, t = 4[/tex]
So
[tex]E = P*I*t = 6000*0.03*4 = 720[/tex]
The simple interest is $720.
