The amount of interest earned is $5,400
From the question,
We are to calculate the simple interest earned
Interest can be calculated by using the simple interest formula
I = PRT
Where I is the interest
P is the principal
R is the rate
T is the time
From the question
P = $12,000
R = 15%
T = 3 years
∴ Interest,
I = $12000 × 15% × 3
I = $12000 × 0.15 × 3
∴ I = $5400
Hence, the amount of interest earned is $5,400
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