Answer:
Total interest = A - P = $2,223.00
Total amount = $10,023.00
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 9.5%/100 = 0.095 per year.
Solving our equation:
A = 7800(1 + (0.095 × 3)) = 10023
A = $10,023.00
The total amount accrued, principal plus interest, from simple interest on a principal of $7,800.00 at a rate of 9.5% per year for 3 years is $10,023.00.
