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?
1 Answer
Apr 29, 2017
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
:)>
