Question

Janice deposited $750 in a savings account that earns 3.5% simple interest. How much interest has Janice earned by the end of the first year? (1 point)

Answer 1

$26.25

Explanation:

We know that I = Prt where I = Interest, P = Principal, r = rate (as a decimal) and t = time (in years). Therefore:

I = 750 * 0.035 * 1 = $26.25