Question
Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.)
p = $690, r = 3%, t = 1 1/4 years
p = $690, r = 3%, t = 1 1/4 years
Answers
GPT 3.5
To find the simple interest, we use the formula:
Simple Interest = Principal x Rate x Time
First we need to convert 1 1/4 years to a decimal, which is 1.25 years.
Now we can plug in the values:
Simple Interest = $690 x 0.03 x 1.25
Simple Interest = $690 x 0.0375
Simple Interest = $25.875
Therefore, the simple interest on a principal of $690 at a rate of 3% for 1 1/4 years is $25.875.
Simple Interest = Principal x Rate x Time
First we need to convert 1 1/4 years to a decimal, which is 1.25 years.
Now we can plug in the values:
Simple Interest = $690 x 0.03 x 1.25
Simple Interest = $690 x 0.0375
Simple Interest = $25.875
Therefore, the simple interest on a principal of $690 at a rate of 3% for 1 1/4 years is $25.875.