Question

Find the simple interest earned, to the nearest cent, for the principal, interest rate, and time.

$650, 5%, 1 year
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Answer 1

The simple interest earned on $650 at a 5% interest rate for 1 year is $32.50.

Step-by-step explanation:

To find the simple interest earned on $650 at an interest rate of 5% for 1 year, you would use the simple interest formula:

Interest = Principal × rate × time

Plugging in the numbers given:

Interest = $650 × 0.05 × 1

for the calculation of the interest:

Interest = $650 × 0.05 × 1 = $32.50

So, the simple interest earned would be $32.50, rounded to the nearest cent.

Answer 2

32.5

Step-by-step explanation:

I=Prt

I= 650*0.05*1

I=32.5