SOLUTION: Find the interest on $3000 at 12.5% annual interest for 1 year?

Question 341704: Find the interest on $3000 at 12.5% annual interest for 1 year?
Answer by Jeannie1012(8) (Show Source): You can put this solution on YOUR website!
TO solve this one you have to remember the formula Interest = principle x rate x time or I=prt keep in mind that time is always in year form.
STEP 1:write a let statement
since we don't know how much the interest is we will say interest = i
principle is $3000.00
we know that the rate is 12.5 percent but we need to change tit from percent to decimal form by moving the decimal two places to the left so rate = .125
we know that time is one year so t = 1
STEP 2: plug those values into the formula i= p*r*t
i =3000 * .125 * 1 ( just multiply the numbers)
i = 375
I hope this helped. Good Luck!
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