Question

Find the simple interest. The rate is an annual rate unless otherwise noted. Assume 365 days in a year and 30 days per month Round to the nearest cent $600 at 3% for 1 year​

Answer 1

9514 1404 393

Answer:

$18

Explanation:

The interest is computed using the formula ...

I = Prt

where P is the principal, r is the annual rate, and t is the number of years. The interest is ...

I = $600×0.03×1 = $18