Question

If the principal is 350 and the interest rate is 3 percent, what is the simple interest earned in one year?

Answer 1

the answer will be $10.50

Answer 2

Answer: The required simple interest earned in one year is 10.5.

Step-by-step explanation: Given that the principal is 350 and the interest rate is 3 percent.

We are to find the simple interest earned in one year.

We know that

if the principal amount is P, number of years is n and rate of interest is r%, then the simple interest is given by

`S.I.=(nrP)/(100).`

For the given situation, we have

n = 1, r% = 3% and P = 350.

Therefore, we get

`S.I.=(nPr)/(100)=(1*350*3)/(100)=(1050)/(100)=10.5.`

Thus, the required simple interest earned in one year is 10.5.