Question

Find the balance on a deposit of $1275 that earns 9% simple interest for 3 years.

A)$344.25
B)$1619.25
C)$1653.67
D)$1500.00

Answer 1

The answer is A 344.25

The formula for finding interest is I=prt.

The I stands for the total cost, the p stands for the principle, or the original amount, the r stands for rate, or how much it earns, as in this case 9%, and the t stands for time.

Answer 2

B) $1619.25

Explanation:

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 9%/100 = 0.09 per year.

Solving our equation:

A = 1275(1 + (0.09 × 3)) = 1619.25

A = $1,619.25

The total amount accrued, principal plus interest, from simple interest on a principal of $1,275.00 at a rate of 9% per year for 3 years is $1,619.25.

Hope this helps, have a good day. c;