Question

Find the simple interest on $1500 for 5 years at 3.5%

Answer 1

$1781.53

Explanation:

Simple Interest Rate Formula: A = P(1 + r)ⁿ

Step 1: Define variables

Principle amount P = 1500

Rate r = 0.035

Years n = 5

Step 2: Substitute and Evaluate for A

A = 1500(1 + 0.035)⁵

A = 1500(1.035)⁵

A = 1500(1.18769)

A = 1781.53