Question

Find the total amount due on a simple-interest loan if the principal is $3000 with a rate of 5% for 10 years.

Answer 1

$\bf \qquad \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \ 3000\\ r=rate\to 5\%\to \frac{5}{100}\to &0.05\\ t=years\to &10 \end{cases} \\\\\\ A=3000(1+0.05\cdot 10)\implies A=3000(1.5)$