You invest $15,000 @5% for 30 months. a. Calculate simple interest? b. Calculate total return?

Question

formula and cost of credit 

Answer 1

i = prt        30 months = 2 1/2 years

i = 15,000(.05)(2.5)

i = $1875

A = p + i

A = 15,000 + 1875

A = $16,875