Question

Which equation demonstrates the use of a simple interest formula, mc002-1.jpg, to compute the interest earned on $70 at 3% for 12 years?

Answer 1

I can't bring up the picture but the simple interest formula is I= Prt.
So, I = $70 x .03 x 12. Hope this helps match up to your picture.

Answer 2

Explanation:

Equation to calculate the simple interest I is

`I = (P.r.t)/(100)`

where P = principal amount

r = rate of interest

t = time or duration

If P = $70

r = 3%

t = 12 years

Therefore interest I = (70×3×12)/100 = $25.2