Question

Jose earns $400 during the summer. He deposits it in an account that pays simple interest at a rate of 3% per year. Which equation can you use to find the amount of simple interest that Jose earns in 1 year?

Answer 1

12

Explanation:

Since this is simple interest the equation will be P*T*R=I T=time which is 1 year. P=money invested or borrowed (aka princable) which is 400$. R=Annual rate is 3% per year and I= Interest after the number of years (aka answer) Hope this helps :)

Answer 2

I = 400 x 0.03 x 1

Explanation:

$400 is the principal, 0.03 is the decimal value for the annual rate, and the time is 1 year.