where
p = principal
r = rate
t = time
Principal is the amount of money invested for a period of t years with an interest rate r
[tex]\begin{gathered} p\text{ = \$175}0 \\ r\text{ = }\frac{3.5}{100}\text{ = }0.035\text{ } \\ t\text{ = }\frac{3}{12}\text{ = }\frac{1}{4} \end{gathered}[/tex][tex]\begin{gathered} I\text{ = 1750 }\times\text{ 0.035 }\times\text{ }0.25 \\ I\text{ = \$ }15.3125 \end{gathered}[/tex]