A bank deposit of $987 paid $29.61 in interest. What was the percentage of interest paid?(1 point)
Responses
30%
30%
3%
3%
0.3%
0.3%
0.03%
The percentage of interest paid is 3%.
To find the percentage of interest paid, we can use the formula:
Interest Percentage = (Interest / Bank deposit) * 100
In this case, the interest paid is $29.61 and the bank deposit is $987. Let's substitute these values into the formula:
Interest Percentage = (29.61 / 987) * 100
Calculating this expression, we get:
Interest Percentage ≈ 2.997960 : 100
Rounded to two decimal places, the percentage of interest paid is approximately 3%. Therefore, the correct answer is:
3%
To find the percentage of interest paid, you can use the formula:
Interest Rate = (Interest / Principal) * 100%
Given that the bank deposit paid $29.61 in interest and the principal is $987, we can plug those values into the formula:
Interest Rate = (29.61 / 987) * 100%
Calculating this equation:
Interest Rate = 0.029982 * 100%
Rounding to two decimal places, the interest rate is approximately 2.99%.
Therefore, the correct answer is: 3%