SImple interest

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Linda Dawson

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I am just not sure if I am doing this right. What is the annual interest on $3,225.00 at 0.03% simple interest?
 
Linda Dawson said:
I am just not sure if I am doing this right. What is the annual interest on $3,225.00 at 0.03% simple interest?
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Please show us what you have been doing (with numbers). Then only we can help you find the correct answer.
 
Linda Dawson said:
I am just not sure if I am doing this right. What is the annual interest on $3,225.00 at 0.03% simple interest?
Click to expand...
.03% is not .03. % means divide by 100 or /100. So 0.03% = 0.03/100 = .0003. Just multiply $3225*.0003 = $.9675 which is NOT ~.97cents
.97cents is less than 1 cent.
 
First "cent" in "per cent" comes, just like the coin "cent", 1/100 of a dollar, or "century", 100 years, from the Latin "centum", 100. "Per cent" means "per 100" 5%, "five per cent" is "five per 100", 5/100= 0.05, 10% is 10/100= 0.10, and .03% is .03/100= .0003.
 
Simply use : S.I =p*R*T/100 where p=principal amount , r=rate per annum, t =time in years
 
Linda Dawson said:
. . . at 0.03% simple interest?
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That interest rate looks like a mistake/too low. I think it is intended to be 3% = 0.03
for the rate to be a reasonable problem. I have never seen a rate near that low (as mentioned by Linda Dawson) for a simple interest problem.
 
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