Question

Peter inherits 15.000 dollar and place money with a bank. the interest rate are 3 percent. How many money will he get after 1 year? HELP PLEASE

Answer 1

Hi,

Peter's inherited money in a

bank = principal =P = $15,000

Rate of interest = R = 3 %

Time = T = 1 year

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Simple interest = I = (PTR)/ 100
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I = ( 15000 × 1 × 3 )/ 100

I = $450

Amount Perer get after one year

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A = Principal + simple interest
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A = $15000 + $450

A = $15450

I hope this will useful to you.

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