You deposit in a savings account. the account pays simple interest of 3.25%. how much interest will you earn in 3 years?

To compute the simple interest of a loan, you will need to use this formula:

I = Prt

Where I = interest

          P = principal

           r = interest rate of the loan

           t = duration of the loan

In this problem, you are not given of the principal. So, let us just assume the principal to be $100,000.

Substituting the values to the formula:

I = (100,000) (3.25%) (3)

  = $9,750 per year

Therefore, for three years you will earn the amount of $29,250 ($9,750 x 3) as interest in 3 years.

If you want to know how much percentage the interest is earned against the principal, you just have to divide the interest with the principal.

RoR = 29,250/100,000 = 29.25% increase in the principal as a result of interest earned

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