Question

Simple interest worksheet

Answer 1

Simple interest formula:

$I=prt$

where $I$=interest, $p$=principal (how much you put in at first), $r$=rate as a decimal, and $t$=number of years.

Let's plug in what we're given.

$I=350\times0.05\times4$

Calculate it out...

$\boxed{I=70}$

The interest earned is $70.00.