Answer:
£1,725.00
Step-by-step explanation:
To calculate simple interest, we use the formula:
a = p(1 + rt)
a is the answer
p is the principle, or the starting amount of money
r is the rate, or the rate of interest (the percent)
and t is the time, or years.
First, 3% as a decimal is 0.03
So we can plug that in as r.
Then just plug the rest of the numbers in.
a = 1500(1 + 0.03 x 2)
Then just solve the equation to get 1,725.00.
Hope this helps!
