Question

Principal: $2600
Rate: 3%
Time: 3 years
What is the interest made?

Answer 1

$234

Explanation:

Answer 2

$234

Explanation:

First, converting R percent to r a decimal

r = R/100 = 3%/100 = 0.03 per year,

then, solving our equation

I = 2600 × 0.03 × 3 = 234

I = $ 234.00

The simple interest accumulated

on a principal of $ 2,600.00

at a rate of 3% per year

for 3 years is $ 234.00.