Question

You can calculate the interest on a savings account by using this formula:
Interest = Principal × Rate × Time
If Mary deposits $275 in principal at an interest rate of 3.2 percent, how much interest will she earn in one year?
A. $88
B. $8.80
C. $880
D. $18.80

Answer 1

@Mateaus

Answer 2

Well if we separate things, You are given Principal, rate and time.

Principal = 275
Rate = 3.2%
Time = 1
First of all you have to convert the percentage to decimals before you plug them in on the formula.
To convert from percentage to decimal divide it by 100.
After that then continue to plug all the values to the formula and you will find your Interest earned :P

Answer 3

so its b? @Mateaus

Answer 4

Yes :)