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12 May, 15:48

Find the simple interest to the nearest cent for each principal interest and time $1,400,3/8%,1 year

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  1. 12 May, 15:51
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    The simple interest is $5.25

    Simple Interest = Pricipal x rate x time

    Principal = 1400

    Interest rate = 3/8 %

    time = 1 year

    For easier computation, convert interest rate from percentage to decimal.

    3/8% = 0.375% : 100% = 0.00375

    Interest = 1400 x 0.00375 x 1

    = 5.25
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