simple interest = $1092
Total amount = $6292
Explanation:Principal = $5200
rate = 3% = 0.03
time = 7 years
Applying simple interest formula:
[tex]\begin{gathered} I\text{ = PRT} \\ \text{where I = interest} \\ I\text{ = P}\times R\times T \end{gathered}[/tex]I = 5200 × 0.03 ×7
I = $1092
simple interest = $1092
We are to find total amount after getting the interest:
Amount = principal + interest
Amount = $5200 + $1092
Amount = $6292
