SOLUTION: The rate of interest on a savings account is 7%. What is the simple interest for three ​years of $352?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: The rate of interest on a savings account is 7%. What is the simple interest for three ​years of $352?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1120827: The rate of interest on a savings account is 7%. What is the simple interest for three ​years of $352?
Found 2 solutions by josmiceli, Alan3354:
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
I+I+=+P%2Ar%2At+
+P+=+352+
+r+=+.07+
+t+=+3+
—————————
+I+=+352%2A.07%2A3+
+I+=+73.92+
The simple interest is $73.92

Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
The rate of interest on a savings account is 7%. What is the simple interest for three ​years of $352?
---------
If it's 3 years, it's 21% of $352.