Given:
Principal = $7,500
time = 5 years
rate = 4.3% = 0.043
Step 1: Write out the formula
[tex]\text{Interest = Principal x rate x time}[/tex]Step 2: Substitute the parameters into the equation
[tex]\begin{gathered} \text{Interest = 7500 x 5 x 0.043} \\ \text{Interest = \$1612.5} \end{gathered}[/tex]Interest = $1612.5
