Answer:
1500+337.50 = $1,837.5
Step-by-step explanation:
You want to calculate the interest on $1500 at 4.5% interest per year after 5 year(s).
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, $1500.00.
r is the interest rate, 4.5% per year, or in decimal form, 4.5/100=0.045.
t is the time involved, 5....year(s) time periods.
So, t is 5....year time periods.
To find the simple interest, we multiply 1500 × 0.045 × 5 to get that:
The interest is: $337.50
