Question

How much simple interest is earned on $1000 at 3% interest for 3 months?
Give your answer in dollars and cents.

Simple Interest
I = p • r • t

Answer 1

Let's address the parts of this problem. The principal (p) would be the deposited money, or $1000. The interest rate, or (r) would be 3%. Finally, the time (t) would be 3 months. Now what we have to do is multiply. Now, all to often do I see people doing 1000 x 3 x 3. No. That's not right. Before we do anything, we need to turn the interest into a decimal. 3% = 0.03. Now, we could do it this way and add the principal back onto the problem later, or we could write it as 1.03. I prefer the latter. So, we are left with 1000 x 1.03 x 3. I'll let you do the math. Good luck! And remember, if I helped you in any way, a medal and fan would be appreciated! :)

Answer 2

3090?

Answer 3

is it right?

Answer 4

if you tell me if it is correct or not i will metal you:)

Answer 5

Lol, I was afk. That's correct. I'm so proud, good luck! :D

Answer 6

1 more question maybe 2 please help me:) i will metal

Answer 7

I'd be delighted to. But start a new question so I get the medalzzzz xD