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Which equation demonstrates the use of a simple interest formula, , to compute the interest earned on $70 at 3% for 12 years?

Which equation demonstrates the use of a simple interest formula, , to compute the interest earned on $70 at 3% for 12 years?
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2 votes
which equation demonstrates the use of a simple interest formula, , to compute the interest earned on $70 at 3% for 12 years?

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User Imantha
by
7.9k points

1 Answer

4 votes
Simple interest formula is
I=P*(rt)
P=70
t=12
3%=0.03
r=0.03
I = 70*0.03*12= 25.2
answered
User Neetu
by
7.9k points
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