Question

What is the interest for a principal of $3,500 at a simple annual interest rate of

2% over 1 year?

Answer 1

I’m pretty sure it’s 80.5 I’m not sure though

Answer 2

$70

Explanation:

$3500*(2%/100%) = $70

It pretty simple just take 2% and times it by the principle if it's only for one year.