Answer:
[tex]\boxed {\boxed {\sf \$ 13.50}}[/tex]
Step-by-step explanation:
Simple interest can be found using the following formula:
[tex]I=p*r*t[/tex]
where p is the principal, i is the interest rate as a decimal, and t is the time.
The principal amount is $150. The interest rate is 3%. The time is 3 years.
- Convert the interest rate to a decimal. Divide 3 by 100 or move the decimal place to spots to the left.
- 3/100= 0.03
- 3.0 --> 0.3 --> 0.03
[tex]p= 150 \\r= 0.03 \\t= 3[/tex]
Substitute the values into the formula.
[tex]I=150*0.03*3[/tex]
Multiply.
[tex]I=13.5[/tex]
[tex]I=\$13.50[/tex]
The interest amount is $13.50
The total amount of money is $163.50. (principal + interest = 150.0 + 13.50 = 163.50)
