How much interest per month on a 40000 note at 4 percent?

Answer 1

I = prt <-- formula for simple interest, but the rate must be the monthly rate for your problem. Per month means one month (time, t)

4% = 0.04 is an anual interest rate .... monthly rate (r) = 0.04/12

so... I = 40,000 x 0.04/12 x 1 --- multiply and divide to get the answer.

Another way: find anual interest, then divide by 12 for monthly interest.