Find the simple interest. Round your answer to the nearest cent.
-Principal $=\$ 300$
Interest Rate $=4 \%$
Time in years $=2$
A) $\$ 600.00$
B) $\$ 37.50$
C) $\$ 2.40$
D) $\$ 24.00$

Question

Quizplus · Accepted Answer

Simple interest is calculated using the formula $SI = \frac{P \times R \times T}{100}$. Substituting the given values: $SI = \frac{300 \times 4 \times 2}{100} = 24$.

Find the Simple Interest =$300=\$ 300=$300 Interest Rate =4%=4 \%=4% Time in Years

Find the Simple Interest $=\$ 300$ Interest Rate $=4 \%$ Time in Years