Answer: $71.4
Step-by-step explanation:
Formular for Simple interest (I)
= Principal x Rate x Time
From the question, Given that p = 340
Rate = 7% = 7/ 100
Time = 3 years
Slot the values into the formula, then multiply to find Interest.
I = 340 × 0.07 x 3
=$71.4
I hope this is clear
