Question 1 Find the simple interest earned, to the nearest cent, for the principal, interest rate, and time. $530, 6%, 1 year.

Towkir asked Jul 12, 2023

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Towkir asked Jul 12, 2023

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17 votes

You can find the simple interest using the following formula:

I = PV*r*t

Where:

PV = Present value or principal = $530

r = interest rate = 6% = 0.06

t = time = 1

Replacing the data into the equation:

I = 530*0.06*1 = $31.8

Irvin Lim answered Jul 17, 2023

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