Answer:
1. The interest is $ 117.
2. The amount is $ 1,317.
Step-by-step explanation:
The following data were obtained from the question:
Principal (P) = $ 1,200
Rate (R) = 3.25%
Time (T) = 3 years
Interest (I) =..?
Amount (A) =...?
1. Determination of the interest.
Principal (P) = $ 1,200
Rate (R) = 3.25%
Time (T) = 3 years
Interest (I) =..?
I = P × R × T / 100
I = 1200 × 3.25 × 3 / 100
I = $ 117
Therefore, the interest is = $ 117
2. Determination of the amount.
This can be obtained as follow:
Interest (I) = $ 117
Principal (P) = $ 1,200
Amount (A) =?
Amount (A) = principal (P) + interest (I)
A = P + I
A = 1200 + 117
A = $ 1,317
Therefore, the amount at the end of 3 years is $ 1,317
