Simple interest on $1000 at 5% for 3 years
Find the interest and final amount with the I = Prt formula.
Solution
- Principal P = 1000.00
- Rate r = 5% = 0.05 per period
- Time t = 3 periods
- Formula I = P · r · t, A = P + I
- Interest I = 1000.00 · 0.05 · 3 = 150.00
- Final amount A = 1000.00 + 150.00 = 1150.00
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