If $380 is invested for one year at 13% simple interest, how much interest is earned?

Question

asked May 16, 2021 205k views

1 Answer

Jakub Kaleta · Answer 1 · 2021-05-23T11:21:56+0000

Answer: $49.4

Explanation:

Simple interest is calculated thus:

Principal × Rate × Time

Principal= $380

Rate= 13%= 13/100=

Time= 1

Therefore interest earned =380× 0.13×1

=$49.4