Question

Find the simple interest paid: 300, 6.5%, 1 year. *
I need help ASAP

Answer 1

annual simple interest is 19.5

Explanation:

simple interest I = P r T

where

I = simple interest

P = Principal = 300

r = rate = 6.5%

t = time = 1 year

plugin values into the formula:

I = 300 (0.065) 1

I = 19.5

therefore, the annual simple interest is 19.5

Answer 2

The answer is $19.50 if the problem is based on the problem 6.5% interest on $300