How much will be the simple interest of $800.00 at 3.5% during a year?

2 Answers
Jul 2, 2018

#$28#

Explanation:

Given: simple interest on #$800# at #3.5%# in a year.

Simple Interest: #I = p r t#, where #p = "investment amount"#, #r = "interest rate" = %/100#, #t = "time in years"#

For the given: #I = 800 * 3.5/100 * 1 = $28#

Jul 2, 2018

#color(magenta)(I = 8 * 3.5 = $28.00#

Explanation:

#"Simple interest " I =( P N R )/ 100#

#P = $800.00, N = 1 " year", R = 3.5#

#Interest = I = (cancel(800)^color(red)(8) * 1 * 3.5) / cancel(100)#

#color(magenta)(I = 8 * 3.5 = $28.00#