Which expression is equivalent to this one?
1 answer:
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Answer:
The correct answer is: Option 1: $19.50
Step-by-step explanation:
Simple interest is given by the formula:
Here
P is the principal amount
r is the interest rate
and t is the time in years
Given
P = 300
r = 6 1/2 = 6.5%
t = 1
Putting the values in the formula, we get
The simple interest paid to the nearest cent is 19.50 dollars.
Hence,
The correct answer is: Option 1: $19.50