Question

Interest earned to the nearest cent for each principal interest rate and time 640$ ,3%,2 years

Answer 1

If it's a simple interest = $38.4
If it's a compound interest = $678.98

Solutions
Simple interest, I = principal x rate x time
Principal = $640
Time = 2 years
Rate = 3% = 3/100 = 0.03, then substitute respectively.

Compound interest, A = P (1 + r)^t
Substitute respectively. Remember, always divide your rate in percent by 100.
Don't forget to read the question and approximate correctly.