Given:
Principal = 350
Interest rate = 1.05% per month
Interest = 350 1.05% 1 month
Interest = 3.675 per month.
Assuming we need to know the total interest earned in a year. We simply multiply the interest earned per month by the number of months required, in this instance 12 months.
Interest = 3.675 per month * 12 months
Interest = 44.10 interest for one year
