Question

In the situation, simple interest is calculated yearly. How much interest was earned? Principal: $12,000; Time: 3 years; Interest rate: 15%; Interest: ?

Answer 1

12000*.15=180 *3=540
You get 1200 times the intrest times that awnser by 3 for 3 years its 540 for one its 180.

Answer 2

The total amount accrued, principal plus interest, from simple interest on a principal of $12,000.00 at a rate of 15% per year for 3 years is $17,400.00.