Question

What is the simple interest earned when the principal is $3050, the rate is 6% and 3 years?

Answer 1

I’m pretty sure 549

Explanation:

Answer 2

$549

Explanation:

First, converting R percent to r a decimal

r = R/100 = 6%/100 = 0.06 per year,

then, solving our equation

I = 3050 × 0.06 × 3 = 549

I = $ 549.00

The simple interest accumulated

on a principal of $ 3,050.00

at a rate of 6% per year

for 3 years is $ 549.00.