Question

If you start with a principal amount of $150 and the simple interest rate is 3%. What will the

Answer 1

Answer:

principal=$150

Rate =3%

time =3years

then formula to find interest =PTR divide by 100

=150*3*3/100

=13.5

is the correct answer

Answer 2

Answer:

$\boxed {\boxed {\sf \ 13.50}}$

Step-by-step explanation:

Simple interest can be found using the following formula:

$I=p*r*t$

where p is the principal, i is the interest rate as a decimal, and t is the time.

The principal amount is $150. The interest rate is 3%. The time is 3 years.

• Convert the interest rate to a decimal. Divide 3 by 100 or move the decimal place to spots to the left.
• 3/100= 0.03
• 3.0 --> 0.3 --> 0.03

$p= 150 \\r= 0.03 \\t= 3$

Substitute the values into the formula.

$I=150*0.03*3$

Multiply.

$I=13.5$

$I=\ 13.50$

The interest amount is $13.50

The total amount of money is $163.50. (principal + interest = 150.0 + 13.50 = 163.50)