Answer:
The amount of interest to be paid is $105
Step-by-step explanation:
To find how much interest that will be paid, we will follow the steps below;
Simple Interest = PRT / 100
where p is the principal, R is the rate and T is the time in years
from the question given
principal P = $1000
Rate R = 3.5
and time T = 3
substitute the values into the formula above
Interest = $1000×3.5×3 / 100
=$10×3.5×3
=$105
Interest = $105
The amount of interest to be paid is $105
