simple interest formula: I = Prt, where I is the interest amount, P is the principal amount, r is the rate of interest per year in a decimal, and t is the time in years
I = 530 * 0.059 * 3 = 93.81
$93.81 is the interest, NOT the total balance. to find the total balance, add the interest to the principal amount: 530 + 93.81 = $ 623.81
