An amount of $8,000 is invested at a simple interest rate of 1.5%. What is the total amount after 3 years?

I=PRT

P=8000

R=0.015

T=3

I=8000*0.015*3=360

total amount=8000+360=$8360

For simple interest, the interest for each year is calculated on the initial principal itself.

So, for a period of 3 years, the total interest will be

(1.5% of 8000) * 3 = 1.5⋅3⋅8000 100 = 360

So the total amount at the end of the period

=Principal+Interest=8000+360 = 8360