Question

You invested 15,000 at 5% that will mature in 3 years. How much is the proceeds of your investment upon maturity date assuming simple interest will be applied

Answer 1

A simple interest of $2,250 will be earned over an investment of $15,000.

What is simple interest?

The returns or interest accumulated over principal investment during a financial period is known as simple interest. Using above information, the simple interest can be calculated as,

$\rm Simple\ Interest= \dfrac{Principal\ x\ Interest\ Rate\ x\ Period}{100}\\\\\rm Simple\ Interest= \dfrac{15000\ x\ 3\ x\ 5}{100}\\\\\rm Simple\ Interest=\ 2250$

Hence, the calculation of simple interest is given above.

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