the simple interest formula is $a = p(1 + rt)$. jared takes out a personal loan of $5,000 with an annual…

Explanation:

Step1: Identify the formula components

The simple - interest formula is (A = P(1+rt)), where (A) is the amount of money accumulated after (n) years, including interest, (P) is the principal amount ((P = 5000)), (r) is the annual interest rate ((r=0.06)), and (t) is the time the money is invested for in years ((t = 3)). The total interest (I=A - P).

Step2: Calculate (A)

Substitute the values into the formula (A=P(1 + rt)): [ \begin{align*} A&=5000\times(1+0.06\times3)\ &=5000\times(1 + 0.18)\ &=5000\times1.18\ &=5900 \end{align*} ]

Step3: Calculate the interest (I)

Since (I=A - P), and (A = 5900), (P=5000), then (I=5900 - 5000=900)

Answer:

(900)