Question

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

Answer 1

I = PRT

I = (350)(0.03)(1)
I = 10.50 <==

Answer 2

Answer: Hence, Simple interest earned in one year is $10.5.

Explanation:

Since we have given that

Principal amount = $350

Rate of interest = 3%

Time = 1 year

As we know the formula "Simple Interest ", i.e.

`I=(P* R* T)/(100)\\\\I=(350* 3* 1)/(100)\\\\I=\$10.5`

Hence, Simple interest earned in one year is $10.5.