Calculate the simple interest of a $3000 loan with the interest of 3% per year. The duration of the loan is 5 years.
We can start with the simple interest formula:
With P=3000, r=3% and t=5, we can substitute these values into the formula as shown (Take note that, 3% must be changed to 3/100 before we can calculate):
The calculated interest is $450. Hence, the answer is A.
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