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Snezhnost [94]
3 years ago
13

Matt has $550 in his savings account. He is eager to know how much interest the bank will pay him for the whole year. He knows t

hat the bank pays a 3 percent interest rate. He sits down with a pen, paper, and calculator to find out the simple interest. Let’s help him out. Matt has already jotted down the formula he needs to use: I = P × r × t First, help him substitute the correct values in this formula. Write down the appropriate numbers for principal, rate of interest, and time
Mathematics
1 answer:
kupik [55]3 years ago
5 0
From Matt's formula:
I=P×r×t
P=principle amount (amount invested)
r=rate
t=time
From the information given:
P=$550
r=0.03
t=1
therefore
I=550*0.03*1
I=$16.5
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