Answer:
$247.50
Step-by-step explanation:
You didn't specify, so I am going to assume that it is annual, or yearly, interest.
You want to calculate the interest on $450 at 55% interest per year after 1 year.
The formula we'll use for this is the simple interest formula, or:
I= P × r × t
Where...
P equals the principal amount, which is $450.00.
r equals the interest rate, which would be 55% per year, or as a decimal, 55/100=0.55.
t equals time involved, which is 1 year
To find the simple interest, we multiply 450 × 0.55 × 1 to get that the interest is $247.50
