Question

At the end of a 15-year term, what is the balance of a $3000 investment at a simple interest rate of 1.5 percent?

Answer 1

1.5% of 3000 = 45

i.e. $45 per year

so, over 15 years we have 15 x $45 => $675

Hence, balance is $3000 + $675 = $3675

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