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???. Can you help me .???I have to find the simple interest earned to the nearest cent for each principle, interest rate, and time

Can You Help Me I Have To Find The Simple Interest Earned To The Nearest Cent For Each Principle Interest Rate And Time class=

Sagot :

Given:

Principal amount, P = $640

Time, T = 2 years

Interest rate, R = 3%

Let's find the simple interest.

To find the simple interest, apply the Simple Interest formula:

[tex]I=\frac{P\ast R\ast T}{100}[/tex]

Substitute values into the formula:

[tex]\begin{gathered} I=\frac{640\ast3\ast2}{100} \\ \\ I=\frac{3840}{100} \\ \\ I=38.40 \end{gathered}[/tex]

Therefore, the simple interest to the nearest cent is $38.40

ANSWER:

$38.40

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