Interest earned by Nina is equal to \(\boldsymbol{\$18.7}\) if principal amount is equal to \(\boldsymbol{\$3400}\), rate of interest is equal to \(\boldsymbol{2.2\%}\) and time period is equal to \(\boldsymbol{3}\) months.
Simple interest
Simple interest is calculated on the loan principle or the initial deposit in a savings account.
If \(\boldsymbol{p,r,t}\) denote principal amount, rate of interest and time period respectively, simple interest is given by \(\boldsymbol{\frac{prt}{100}}\)
\(p=\$3400\)
\(r=2.2\%\)
\(t=3\) months
\(=\frac{3}{12}\) years
Interest earned by Nina \(=\frac{3400\times 2.2\times 3}{12\times 100}\)
\(=\boldsymbol{\$18.7}\)
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