Question: Find the simple interest on a principal of $140 for a period of 4 years at an interest rate of 3%. A ) $15.80 B ) $16.80 C ) $17.80 D ) $18.80 Steps to derive 1 Simple interest is the interest paid only on the original deposit or the principal.2 The formula used to calculate the simple interest is I = ptr , where, I is the simple interest, p is the principal, t is the time in years and r is the interest rate per year.3 The rate of interest is 3% = 3 ÷ 100 = 0.03 [Substitute 140 for p , 4 for t and 0.03 for r .]4 I = (140 × 4 × 0.03) [Multiply.]5 = 16.806 The simple interest earned on the principal of $140 for a period of 4 years at an interest rate of 3% is $16.80.Hence the right answer is Option B Click Here To Go Back Few Other Questions - Name the right triangles in the rhombus.(1) ΔABD and ΔBDC(2) ΔAOD and &D.. What is the perimeter of a rectangle, if its length is 36 yd and width is 18 yd?.. 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