Question

???. Can you help me .???I have to find the simple interest earned to the nearest cent for each principle, interest rate, and time

Answer 1

Given:

Principal amount, P = $640

Time, T = 2 years

Interest rate, R = 3%

Let's find the simple interest.

To find the simple interest, apply the Simple Interest formula:

`I=(P\ast R\ast T)/(100)`

Substitute values into the formula:

`\begin{gathered} I=(640\ast3\ast2)/(100) \\ \\ I=(3840)/(100) \\ \\ I=38.40 \end{gathered}`

Therefore, the simple interest to the nearest cent is $38.40

ANSWER:

$38.40