You want to calculate the interest on $2050 at 6% interest per year after 3 year(s).

The formula we'll use for this is the simple interest formula, or:

Where:

• P is the principal amount, $2050.00.
  
• r is the interest rate, 6% per year, or in decimal form, 6/100=0.06.
  
• t is the time involved, 3....year(s) time periods.
  
• So, t is 3....year time periods.
  

To find the simple interest, we multiply 2050 × 0.06 × 3 to get that:

The interest is: $369.00

Usually now, the interest is added onto the principal to figure some new amount after 3 year(s),
or 2050.00 + 369.00 = 2419.00. For example:

• If you borrowed the $2050.00, you would now owe $2419.00

• If you loaned someone $2050.00, you would now be due $2419.00

• If owned something, like a $2050.00 bond, it would be worth $2419.00 now.