Question

3% simple annual interest paid on $250

Answer 1

The simple interest earned in year 1 is 7.5. The simple interest earned in year 1 is $7.50. The total interest earned at the end of year 4 is $30.00

How to calculate a simple interest amount?

If the initial amount (also called as principal amount) is P, and the interest rate is R% annually, it is left for T years for that simple interest.

3% simple annual interest paid on $250

A 2-column table with 4 rows.

Column 1 is labeled Year with entries 1, 2, 3, 4.

Column 2 is labeled Total Interest Paid with an entries question mark, 15 dollars, 22 dollars, and 50 cents,

The simple interest earned in year 1 is calculated as

The first one is (0.03)(250) = 7.5

The simple interest earned in year 1 is

The second one is $7.50

The total interest earned at the end of year 4 is

The third one is $30.00

Learn more about interest here:

brainly.com/question/11897800

#SPJ1