Question

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

Answer 1

Answer:

The simple interest earned in one year is $10.5

Step-by-step explanation:

Simple interest = p × r × t

Where,

p = principal

r = interest rate

t = time

Principal= $350

Interest rate = 3%

=3/100

=0.03

Time= 1 year

Simple interest = p × r × t

= $350 × 0.03 × 1

= $10.5

The simple interest earned in one year is $10.5