Answer:
The answer would be B) 1,466.25
Step-by-step explanation:
The formula we'll use for this is the simple interest formula, or:
I= P x r x t
Where:
P is the principal amount, $1275.00.
r is the interest rate, 3% per year, or in decimal form, 3/100=0.03.
t is the time involved, 5....year(s) time periods.
So, t is 5....year time periods.
To find the simple interest, we multiply 1275 × 0.03 × 5 to get that:
The interest is: $191.25
Usually now, the interest is added onto the principal to figure some new amount after 5 year(s),
or 1275.00 + 191.25 = 1466.25.
