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Find the simple interest paid to the nearest cent for: "Principal: $85, rate: 4.5%, time: 3 years" *

Find the simple interest paid to the nearest cent for: "Principal: $85, rate: 4.5%, time: 3 years" *
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4 votes
Find the simple interest paid to the nearest cent for: "Principal: $85, rate: 4.5%, time: 3 years" *

asked
User Dan Frank
by
8.4k points

1 Answer

2 votes
simple interest = PRT/100
where p = principal, r = rate and t = time

85x4.5x3 / 100
= 11.475
≈ 11.50 ( nearest cent )
answered
User Rgdigi
by
8.3k points
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