What is the simple interest of a loan for $1000 with 5 percent interest after 3 years?

1 Answer
Mar 30, 2017

$150

Explanation:

S.I. = ( P * R * T )/100 where,

P = Principle amount ( $1000 )
R = rate of interest ( 5% )
T = Time in YEARS ( 3 )
therefore
S.I. = ( 1000 * 5 * 3 )/100
= 10 * 5 * 3
= $150.
therefore simple interest will be $150.