Answer:
- Total amount = $575.00
- I = PRT/100 = $75.00
- Equation:
Total amount = interest + principle
Step-by-step explanation:
Formula:- I = PRT/100
Where,
- I is interest
- P is principle
- R is rate
- T is time
⇒ I = 500×5×3/100
⇒ I = 7500/100
⇒ I = 75
Interest is $75.00
The total amount accrued, principal plus interest, from simple interest on a principal of $500.00 at a rate of 5% per year for 3 years is $575.00.
