Answer:
Interest for 1 year is $80.50
Step-by-step explanation:
Simple interest is given by the formula
I =PRT
where I is the interest, P is the principal, R is the rate in decimal form, and T is the time.
P =3500
R=.023
T = 1 (1 year)
I = (3500) * (.023) (1)
I = 80.50
