Find the simple interest on $1500 for 5 years at 3.5%
2 answers:
Answer:
$1781.53
Step-by-step explanation:
Simple Interest Rate Formula: A = P(1 + r)ⁿ
Step 1: Define variables
Principle amount <em>P </em>= 1500
Rate <em>r</em> = 0.035
Years <em>n</em> = 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
I think the answer is $1781.53 :)
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