At the end of a 15-year term, what is the balance of a $3,000 investment at a simple interest rate of 1.5 percent?

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asked Oct 15, 2018 228k views

1 Answer

Mostafa Labib · Answer 1 · 2018-10-19T16:49:34+0000

Find how much interest is earned for one year: $3000 x .015 = $45
Use that answer to find how much interest is earned for 15 years: $45 x 15 years = $675
Add original investment to interest for balance: $3000 + $675 = $3675

At the end of a 15-year term, what is the balance of a $3,000 investment at a simple interest rate of 1.5 percent?

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