Question

Please Help Me With This One :-/

Answer 1

So, you want to calculate the interest on $300 at 5% interest per year after 7 years.

The formula we'll use for this problem is:

I = P x r x t

Where:

• P is the principal amount, $300.00
• r is the interest rate, 5% per year, or in decimal form, 5 / 100 = 0.05
• t is the time involved, 7 years

To find the simple interest, we multiply 300 x 0.05 x 7 to get that:

The interest is: $105.00

Answer 2

The correct answer is last option

$105.00

Explanation:

Points to remember

Simple interest

I = PNR/100

Where P - Principle amount

N - Number of years and

R - Rate of interest

To find the simple interest

Here P = $300, R = 5% and N = 7 years

I = PNR/100

= (300 * 5 * 7)/100

= 3 * 5 * 7

= 105

Therefore simple interest after 7 years = $105

The correct answer is last option