Question

Find the simple interest. The rate is an annual rate unless otherwise noted. Assume 365 days in a year and 30 days per month. Round to the nearest cent.
$4,290 at 3% for 2 years
OA. 56435.00
OB. 5715.00
O C. $25.74
OD. $257.40

Answer 1

Answer:  Option D.) $257.40

Step-by-step explanation:

To solve this problem, simply use the simple interest formula (i=prt): In the formula (i=prt), the i is the interest, the p is the principal, r is the rate, and t is time (in years). Now let's replace each valuable according to the problem:

I = ? or x (for unknown value)

P = 4,290

R = .03  (converted from percent to decimal)

T = 2

Now that we have our variables, we simply substitute them in our formula:

1.) i=prt

2.) ? = (4290)(.03)(2)

3.) ? = (128.7)(2)

4.) ? = 257.40

5.) interest = 257.40

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