Question

Roger deposits $5,000 with an interest rate of 6.5%. after 3 years, how much will erwin make in simple interest?

Answer 1

$975

Explanation:

1 year = 6.5% interest rate

3 years = 19.5% interest rate

19.5% = 0.195

We take 5000 times 0.195 = $975

So, Roger will make $975 from interest after 3 years