Question

Calculate the amounts of simple interest on 5000 at 10% for 3years​

Answer 1

`I=\$1,500`

Explanation:

The formula for simple interest is:
`I=P*{r}*{t}` where
`P` is the principal,
`r` is the interest rate, and
`t` is the time in years. Therefore:

`I=P*{r}*{t}\\I=\$5,000*{0.10}*{3}\\I=\$1,500`

Answer 2

The interest is $1500 and the amount is $6500.

Explanation:

I=P⋅i⋅t, where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.

P = $5000, i = 10% and t = 3 years

5000×0.1×3=1500

5000+1500=6500