If you start with a principal amount of $150 and the simple interest rate is 3%. What will the interest amount be after three years? *

Step-by-step explanation:

Simple interest can be found using the following formula:

where p is the principal, i is the interest rate as a decimal, and t is the time.

The principal amount is $150. The interest rate is 3%. The time is 3 years.

Substitute the values into the formula.

Multiply.

The interest amount is $13.50

The total amount of money is $163.50. (principal + interest = 150.0 + 13.50 = 163.50)