Question

Find the Simple Interest
$700 deposited at an interest rate of 1.5% for 3 years

Answer 1

$31.50

Explanation:

First, converting R percent to r a decimal

r = R/100 = 1.5%/100 = 0.015 per year,

then, solving our equation

I = 700 × 0.015 × 3 = 31.5

I = $ 31.50

The simple interest accumulated

on a principal of $ 700.00

at a rate of 1.5% per year

for 3 years is $ 31.50.