Answer: (if A=P(1+rt) is your formula)
Explanation:
First, converting R percent to r a decimal
r = R/100 = 6.25%/100 = 0.0625 per year.
Solving our equation:
A = 15000(1 + (0.0625 × 7)) = 21562.5
A = $21,562.50
The total amount accrued, principal plus interest, from simple interest on a principal of $15,000.00 at a rate of 6.25% per year for 7 years is $21,562.50.