Answer:
Step-by-step explanation:
Answer: interest at the end of 3 months is $4.08
Step-by-step explanation:
The formula for simple interest is expressed as
I = PRT/100
Where
P represents the principal
R represents interest rate
T represents time in years
I = interest after t years
From the information given
T = 3 months = 3/12 = 0.25 years
P = $544
R = 3%
Therefore
I = (544 × 3 × 0.25)/100
I = 408/100
I = 4.08
