select the correct answer. if the principal is $350 and the interest rate is 3 percent, what is the simple…

select the correct answer. if the principal is $350 and the interest rate is 3 percent, what is the simple interest earned in one year? simple interest = p × r × t\na. $10.50\nb. $30.25\nc. $105

select the correct answer. if the principal is $350 and the interest rate is 3 percent, what is the simple interest earned in one year? simple interest = p × r × t\na. $10.50\nb. $30.25\nc. $105

Answer

Answer:

A. $10.50

Explanation:

Step1: Identify values

$P = 350$, $r=0.03$, $t = 1$

Step2: Apply formula

$I=P\times r\times t=350\times0.03\times1$

Step3: Calculate result

$350\times0.03\times1 = 10.5$