Question

How much interest will you earn on $300 at 3% for 3 years?

Answer 1

Answer: 27.82

Step-by-step explanation: Based on Principal Amount of $300, at an interest rate of 3%, over 3 year(s):

Answer 2

$327.00 (total interest)

Explanation:

This is simple interest

Converting R percent to r a decimal

r = R/100 = 3%/100 = 0.03 per year.

A = 300[1 + (0.03 × 3)] = 327

A = $327.00