Question

Use the simple interest formula to find the interest earned and the ending balance. I = Prt

1. $270 at 9% for 3 years

Answer 1

$72.90 is the interest earned

Explanation:

The appropriate formula is i = prt, where r is the annual interest rate expressed as a decimal fraction.

Here, i = ($270)(0.09)(3 yr) = $72.90 is the interest earned