What is the annual interest for a principal of $3,500 at a simple annual interest rate of 2.3%

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25-10-2017
Mathematics

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What is the annual interest for a principal of $3,500 at a simple annual interest rate of 2.3%

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altavistard altavistard · Answer 1 · 2017-10-25T00:46:40+02:00

altavistard altavistard

25-10-2017

i = interest earned
p = principal
r = rate (as a decimal fraction)
t = number of years (assume that this is 1 year)

Then i = prt. i = $3500 (0.023) (1) = $80.50 in interest for one year at 2.3%

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