Question

Find the amount of simple interest earned. Principal: $300. Annual interest rate: 6.5% Time: 3 years

Answer 1

The simple interest is $58.5

Explanation:

Mathematically;

Simple interest = PRT/100

where p is principal = $300

R is rate = 6.5%

T is time = 3 years

Substituting these values in the simple interest equation, we have that;

S.I = (300 * 6.5 * 3)/100 = $58.5