Question

find the simple interest earned, to the nearest cent, for each principal, interest rate, and time.$750 - 7% - 3 years

Answer 1

We have to apply the simple interest formula:

I = p x r x t

Where :

I = interest

p = principal amount

r= interes rate ( in decimal form, percentage divided by 100)

t= time (years)

Replacing with the values given:

I = 750 x (7/100) x 3

I = 750 x 0.07 x 3

I = $157.7