Answer:
Total Accrued Amount = $3,277.45
Interest Amount = $327.45
Step-by-step explanation:
A = $3,277.45
I = A - P = $327.45
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 7.4%/100 = 0.074 per year.
Solving our equation:
A = 2950(1 + (0.074 × 1.5)) = 3277.45
A = $3,277.45
The total amount accrued, principal plus interest, from simple interest on a principal of $2,950.00 at a rate of 7.4% per year for 1.5 years is $3,277.45.
