Ira S. answered • 12/11/14

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Simple interest has the formula I = P*R*T where P is the principal, the amount you start with, R is the annual rate of interest, and t is the time in years. Your P and R are straight forward but your time is given in months and must be converted into years, so divide by 46/12 and get 3.8333333. So plug it in the formula to get

I = 13480*.06*3.833333333 = $3100.40

Hope this helps