Question

Ann took out a loan at the Bank of Florida with a principle amount of $7,000.00, at an interest rate of 6.5% for 3 years. What is the amount of her interest?

Answer 1

Is it 6.5% per year?
Amount   = Principle (1+rate*time) 
  22365   =         7000(1.065 * 3)
    Interest = 22365 - 7000 = 15365