A bank deposit of $987 paid $29.61 in interest. What was the percentage of interest paid?(1 point) Responses 3% 3% 30% 30% 0.03% 0.03% 0.3%

Answer 1

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

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

In this case, the interest amount is $29.61 and the principal amount (the deposit) is $987. Plugging in the values:

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

Calculating this:

\[ \frac{29.61}{987} \approx 0.03 \] \[ 0.03 \times 100 \approx 3% \]

Thus, the percentage of interest paid is 3%.