Question

Find the simple interest for 3 years at a rate of 5% on $200

Answer 1

The simple interest is $30

Explanation:

To find this, we use the simple interest formula

Mathematically, this is;

I = PRT/100

P is the principal = $200

R is the rate = 5%

T is the time = 3 years

Substituting these values, we have;

I = (200 * 5 * 3)/100

I = $30