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What is the simple interest earned on a principal of $2500 at a rate of 3% per a

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Question: What is the simple interest earned on a principal of $2500 at a rate of 3% per annum over 6 years?

Options:

  1. $450
  2. $300
  3. $600
  4. $500

Correct Answer: $450

Solution: 

Simple Interest = Principal × Rate × Time = 2500 × 0.03 × 6 = $450.

What is the simple interest earned on a principal of $2500 at a rate of 3% per a

Practice Questions

Q1
What is the simple interest earned on a principal of $2500 at a rate of 3% per annum over 6 years?
  1. $450
  2. $300
  3. $600
  4. $500

Questions & Step-by-Step Solutions

What is the simple interest earned on a principal of $2500 at a rate of 3% per annum over 6 years?
No concepts available.
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