What is the annual interest for a principal of $3,500 at a simple annual interest rate of 2.3%

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asked Feb 17, 2018 226k views

1 Answer

Broshi · Answer 1 · 2018-02-22T17:30:33+0000

i = interest earned
p = principal
r = rate (as a decimal fraction)
t = number of years (assume that this is 1 year)

Then i = prt. i = $3500 (0.023) (1) = $80.50 in interest for one year at 2.3%

What is the annual interest for a principal of $3,500 at a simple annual interest rate of 2.3%

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