The amount of interest earned after 15 years at rate of 5% on $3,500 amount is $6125.
What is simple interest?
Simple interest is a method to calculate the amount of interest which is applied on the principal amount, rate for a given time intereval.
SI = P × R × T/100
The principal amount is given as $3,500, rate is 5% and time period is 15 years.
SI = P × R × T/100
SI = $3,500 × 5 × 15 /100
SI = $2625
Since, the total value of the amount of interest = $2625 + $3,500
= $6125
Therefore, the amount of interest earned after 15 years at rate of 5% on $3,500 amount is $6125.
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