A bank deposit of $987 paid $29.61 in interest. What was the percentage of interest paid?(1 point)
Responses
3%
3%
0.03%
0.03%
30%
30%
0.3%
0.3%
To calculate the percentage of interest paid, we divide the amount of interest paid ($29.61) by the amount of the deposit ($987), and then multiply the result by 100 to convert it into a percentage.
(29.61 / 987) * 100 = 0.03 * 100 = 3
Therefore, the percentage of interest paid is 3%.
To find the percentage of interest paid, divide the interest amount ($29.61) by the bank deposit amount ($987) and multiply by 100.
($29.61 / $987) × 100 = 0.03 × 100 = 3%
Therefore, the percentage of interest paid is 3%.
To find the percentage of interest paid, we need to divide the interest amount by the principal amount. The principal amount is the money that was originally deposited in the bank.
In this case, the principal amount is $987 and the interest amount is $29.61.
The formula to find the percentage of interest paid is:
(Interest amount / Principal amount) * 100
Substituting the given values:
(29.61 / 987) * 100 = 0.03 * 100 = 3%
Therefore, the percentage of interest paid is 3%.
So, the correct answer is:
3%