Question

Calculate the simple interest paid on a loan of $544 at 3% for three months.


$48.96


$4.80


$4.90


$4.08

Answer 1

Answer:

4.08

Step-by-step explanation:

Interest I =Pnr

3 months =3/12 year = n

r = 3%

and, P = 544$

Therefore,

$i = 544 \times (3 \div 100) \times (3 \div 12) \\ \: \: \: = 4.08$