Question

P=$300
R=7%
T=2
What is I?
A. $4.20
B. $42.00
C. $420.00

Answer 1

The simple interest formula is presented as I = PxRxT where I is the interest, P is the principal amount, R is the rate and T is the time.

I = PxRxT

I = $300x.07x2

I = $42