Question

What is the amount of interest gained
from a $550 at
7% for 3 years simple interest?

Answer 1

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$550\\ r=rate\to 7\%\to (7)/(100)\dotfill &0.07\\ t=years\dotfill &3 \end{cases} \\\\\\ I = (550)(0.07)(3) \implies I = 115.5`

Answer 2

the answer will be.

End Balance: $665.50

Total Interest: $115.50

Calculation steps:

Total Interest = $550 × 7% × 3

= $115.50

End Balance = $550 + $115.50

= $665.50

Explanation: