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Simple interest, unknowns and repayments

Question 1 of 8

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Jack places $740 in a school-trip savings account. The simple-interest rate is 5% p.a. for a term of 3 years

This is a fictional simple-interest model: the rate and original principal used to calculate interest stay fixed. No fees or additional deposits apply, and interest does not itself earn interest

Use the simple-interest formula. P is the principal in dollars, I the interest in dollars, r the annual percentage number (for example, 5 for 5% p.a.) and t the time in years

I = \frac{P \times r \times t}{100}