Final answer:
To calculate the simple interest paid over 5 years on a $3,000 credit card debt at a 19% interest rate, you multiply the principal by the interest rate and the number of years to get an interest amount of $2,850.
Step-by-step explanation:
If you have a $3,000 credit card debt at a 19% interest rate and you are calculating the amount of interest you would pay over 5 years without considering any payments or compound interest, you would perform the following calculation:
Interest = Principal × rate × time
Where, Principal = $3,000, rate = 19% or 0.19 per year, and time = 5 years.
Interest = $3,000 × 0.19 × 5
Interest = $2,850
You would pay $2,850 in interest over 5 years, assuming that the interest is not compounded and that you are not making any payments on the principal during that time.