Question
A bank deposit of $987 paid $29.61 in interest what was the percentage of interest paid A 30% B 0.3% C 3% D 0.03%
Answers
GPT-4o mini
To find the percentage of interest paid, we can use the formula:
\[
\text{Interest Rate} = \left(\frac{\text{Interest}}{\text{Principal}}\right) \times 100
\]
In this case, the principal (amount deposited) is $987, and the interest earned is $29.61. Plugging in these values:
\[
\text{Interest Rate} = \left(\frac{29.61}{987}\right) \times 100
\]
Calculating this:
\[
\text{Interest Rate} = \left(0.02997\right) \times 100 \approx 2.997
\]
Rounding off to one decimal place, we get approximately 3.0%.
Therefore, the percentage of interest paid is **C 3%**.
\[
\text{Interest Rate} = \left(\frac{\text{Interest}}{\text{Principal}}\right) \times 100
\]
In this case, the principal (amount deposited) is $987, and the interest earned is $29.61. Plugging in these values:
\[
\text{Interest Rate} = \left(\frac{29.61}{987}\right) \times 100
\]
Calculating this:
\[
\text{Interest Rate} = \left(0.02997\right) \times 100 \approx 2.997
\]
Rounding off to one decimal place, we get approximately 3.0%.
Therefore, the percentage of interest paid is **C 3%**.