Question

What is the simple interest paid to $250,3.4,3 years

Answer 1

I = Prt, where P is the principal, r is the annual interest rate in decimal form, and t is the loan period expressed in years.

First, Let us convert 3.4% into decimal form. Move the decimal point two places to the left, adding in zeros as needed. 0.034

Second, lets plug in our information.

250 * 0.034 * 3 = 25.50 

Your simple interest is: $25.50