What is the simple interest 750 at 3% a year

Question

What is the simple interest of 750 at 3% a year

 

Answer 1

I = Pxrxt

 

Where P is your Principal amount ($750), r is your interest rate (3% per year in decimal form) , and t is your time in years.

 

You didn't specify how many years for your problem so I went ahead and just calculated it for 1 year.

 

I=750*0.03*1 = 22.50

 

So your interest is $22.50.

 

Usually now, the interest is added onto the principal to figure some new amount. So if you loaned $750 you now owe 750+22.5 = $772.50