mguil002
Answered

Westonci.ca is the Q&A platform that connects you with experts who provide accurate and detailed answers. Explore thousands of questions and answers from a knowledgeable community of experts ready to help you find solutions. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.

What is the simple interest paid to the nearest cent for each principal, interest rate, and time? $300, 6 1/2 %, 1 year *
1 point
$19.50
$195
$319.50
$1,950

Sagot :

absor201

Answer:

The correct answer is: Option 1: $19.50

Step-by-step explanation:

Simple interest is given by the formula:

[tex]I = Prt[/tex]

Here

P is the principal amount

r is the interest rate

and t is the time in years

Given

P = 300

r = 6 1/2 = 6.5%

t = 1

Putting the values in the formula, we get

[tex]I = 300 * 0.065*1\\I = 19.5[/tex]

The simple interest paid to the nearest cent is 19.50 dollars.

Hence,

The correct answer is: Option 1: $19.50

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.