Find Simple Interest

[nycmathguy]

Simple Interest is calculated by using Principal x Rate x Time. Find the Interest on $650.45 deposited in a bank for 10 years at an interest rate of 5%.

I = Prt

I = (650.45)(0.05)(10)

I = 325.225

I say the Interest is $325.23.

 

[MathLover1]

correct

 

[nycmathguy]

correct

If all interest problems could be this easy.