a bank deposit of 987 dollars paid 29.61 in interest what was the percentage of interest paid

Answer 1

To find the percentage of interest paid, you can use the formula:

\[ \text{Interest Rate} = \left( \frac{\text{Interest Paid}}{\text{Principal}} \right) \times 100 \]

In this case:

• Interest Paid = $29.61
• Principal = $987

Now, substituting the values into the formula:

\[ \text{Interest Rate} = \left( \frac{29.61}{987} \right) \times 100 \]

Calculating this gives:

\[ \text{Interest Rate} = \left( 0.02996 \right) \times 100 \approx 2.996% \]

So, the percentage of interest paid was approximately 3.00%.