Answer: $5400
Explanation:
The formula to calculate simple interest is principal times rate times time.
Simple interest - P x R x T
In this case, the principal would be $12,000, the time would be 3 years, and the interest rate would be 0.15, so to calculate the interest, we would multiply 12,000 x 3 x 0.15.
P = $12,000
T = 3 years
Interest rate = 15% which is 0.15
Now, we multiply.
12,000 x 3 x 0.15 = $5,400