Question

Find simple interest on #1200 for 3 years at 4.25% per anum​

Answer 1

$153

Explanation:

Simple Intrest = P ( money invested ) * R ( percentage ) * T ( year )

I = P * R * T / 100

I = 1200 * 4.25 * 3 = 15300 / 100 = $153

This is the easiest method for me and I hope it helps :)

Answer 2

$153.00

Explanation:

A = $1,353.00

(I = A - P = $153.00)

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 4.25%/100 = 0.0425 per year.

Solving our equation:

A = 1200(1 + (0.0425 × 3)) = 1353

A = $1,353.00

The total amount accrued, principal plus interest, from simple interest on a principal of $1,200.00 at a rate of 4.25% per year for 3 years is $1,353.00.