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 select one of the options below as your a. $10.50 b. $30.25 c. $105

The option A. $10.50 is correct

Step-by-step explanation:

Principal = $350

Rate = 3%

⇒ Rate = 0.03

Time = 1 year

Now, Simple Interest is given by the formula : Principal × Rate × Time

Therefore, Simple Interest = 350 × 0.03 × 1

⇒ Simple Interest = $10.50

Hence, The option A. $10.50 is correct

step-by-step explanation:

step-by-step explanation: 2