Problema Solution
MY PROBLEM IS if $380 is invested in one year under 14% simple interest how much interest is earned?
Answer provided by our tutors
let
P = $380 the principal
r = 14% or 0.14
t = 1 year
I = interest
I = P*r*t
I = 380*0.14*1
I = $53.2
$53.2 interest is earned.