Answer:
$1,125 in interest.
Step-by-step explanation:
We need the formula of I = P * i * t where P is the total principle, i is the rate of interest per year, and t is the total time in years.
So we have
P = $7,500
i = 5%
t = 3 years
I = 7500 * 0.05 * 3
I = 1,125 (Interest)
Now we need to find the amount using A = P + I
A = 7,500 + 1,125
A = 8,625
Therefore $8,625 is our total. While our interest is $1,125.
