Find the simple interest owed for the use of the money. Assume 365 days in a year. P​ = ​$3000, r​ = 3​%, t​ = 1 year

Question

Round to nearest cent if possible

Answer 1

This is to follow the format for simple (not compound) interest, which has the formula of:

 

Interest = Principle x Rate x Time

 

Since this is 3% for 1 year, the 365 days isn't relevant

 

Interest = 3,000 x 0.03 x 1 = $90