Question

If the principal is 350 and the interest rate is 3 percent, what is the simple interest earned in one year?

Answer 1

the answer will be $10.50

Answer 2

Answer:  The required simple interest earned in one year is 10.5.  

Step-by-step explanation:  Given that the principal is 350 and the interest rate is 3 percent.

We are to find the simple interest earned in one year.

We know that

if the principal amount is P, number of years is n and rate of interest is r%, then the simple interest is given by

$S.I.=\dfrac{nrP}{100}.$

For the given situation, we have

n = 1, r% = 3% and P = 350.

Therefore, we get

$S.I.=\dfrac{nPr}{100}=\dfrac{1\times350\times3}{100}=\dfrac{1050}{100}=10.5.$

Thus, the required simple interest earned in one year is 10.5.