Chapter 8.2, Problem 48SR

To determine

To Find: The simple interest of $350 at $3\frac{1}{2}\%$ for $3years$

Answer to Problem 48SR

The required Simple Interest is $36.75.

Explanation of Solution

Given information:

$350 at $3\frac{1}{2}\%$ for $3years$

Calculation:

Simple Interest = PRT

Where P= Principal

R= Rate of interest

T= Time.

According to question

P=$350

R= $3\frac{1}{2}\%=\frac{7}{2}\%=3.5\%=0.035$

T= $3years$

Substituting the known variable

  $\begin{array}{c}SimpleInterest=PRT\\ =350\cdot 0.035\cdot 5\\ =\$36.75\end{array}$