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If the principal is [tex]$\$350$[/tex] and the interest rate is 3 percent, what is the simple interest earned in one year?

[tex]\text{Simple interest} = P \times r \times t[/tex]

A. [tex]$\[tex]$10.50$[/tex][/tex]

B. [tex]$\$30.25$[/tex]

C. [tex]$\[tex]$105$[/tex][/tex]

Sagot :

GinnyAnsweridn
To solve this problem, we start by using the formula for simple interest:

[tex]\[ \text{Simple Interest} = P \times r \times t \][/tex]

where:
- [tex]\(P\)[/tex] is the principal amount,
- [tex]\(r\)[/tex] is the rate of interest per year,
- [tex]\(t\)[/tex] is the time the money is invested or borrowed for in years.

Given:
- [tex]\(P = \$ 350\)[/tex]
- [tex]\(r = 3\% = 0.03\)[/tex] (in decimal form)
- [tex]\(t = 1 \text{ year}\)[/tex]

Now substitute these values into the formula:

[tex]\[ \text{Simple Interest} = 350 \times 0.03 \times 1 \][/tex]

Calculating this step-by-step:

1. Multiply the principal amount by the rate:
[tex]\[ 350 \times 0.03 = 10.5 \][/tex]

2. Since the time is 1 year, multiplying by 1 does not change the value.

Therefore, the simple interest earned in one year is:

[tex]\[ 10.5 \][/tex]

Thus, the correct answer is:

A. \$10.50
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