Question

Ivanna deposits $600 into an account that pays simple interest at a rate of 3% per year. How much interest will she be paid in the first 2 years?

Answer 1

Given here,

Principle [P] = $600

Rate [R] = 3

Time [T] = 2

We know,

$Simple Interest = \frac{Principle * Rate * Time}{100}$

$= \frac{600*3*2}{100} = 36$