A bank deposit of $987 paid $29.61 in interest. What was the percentage of interest paid?
To find the percentage of interest paid, we need to divide the amount of interest paid by the initial deposit and then multiply by 100.
Interest percentage = (Interest / Initial deposit) * 100
Interest = $29.61
Initial deposit = $987
Interest percentage = (29.61 / 987) * 100
Interest percentage = 2.997 * 100
Interest percentage = 2.997%
Therefore, the percentage of interest paid is approximately 3%.
To find the percentage of interest paid, we need to divide the amount of interest by the initial deposit and then multiply by 100.
Step 1: Divide the amount of interest by the initial deposit: 29.61 / 987 = 0.03
Step 2: Multiply the result by 100 to convert it to a percentage: 0.03 * 100 = 3%
Therefore, the percentage of interest paid is 3%.
To find the percentage of interest paid, you need to divide the interest amount by the initial deposit and then multiply by 100 to convert it into a percentage.
First, let's subtract the interest amount from the total deposit to get the initial deposit:
Initial deposit = Total deposit - Interest amount
In this case:
Initial deposit = $987 - $29.61 = $957.39
Now, we can find the percentage of interest paid:
Percentage of interest paid = (Interest amount / Initial deposit) * 100
Plugging in the values:
Percentage of interest paid = ($29.61 / $957.39) * 100
Using a calculator, you can divide $29.61 by $957.39 to get the decimal value. Then multiply this decimal value by 100 to convert it into a percentage. The result is the percentage of interest paid.