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3 votes
find the simple interest earned, to the nearest cent, for each principal, interest rate, and time.$750 - 7% - 3 years

User RRN
by
6.9k points

1 Answer

5 votes

We have to apply the simple interest formula:

I = p x r x t

Where :

I = interest

p = principal amount

r= interes rate ( in decimal form, percentage divided by 100)

t= time (years)

Replacing with the values given:

I = 750 x (7/100) x 3

I = 750 x 0.07 x 3

I = $157.7

User Honest Objections
by
7.3k points
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