Mandyhas$18,205inasavingsaccount.Theinterestrateis15%peryearandisnotcompounded.Tothenearestcent,howmuchwillshehaveintotalin3months?

Mandy has $18,205 in a savings account with an interest rate of 15% per year, and the interest is not compounded. To find how much she will have in total after 3 months, we can calculate the simple interest.

### Formula for simple interest:
\[
I = P \times r \times t
\]
Where:
- $P$ is the principal (initial amount),
- $r$ is the annual interest rate (expressed as a decimal),
- $t$ is the time in years.

#### Given:
- $P = 18,205$,
- $r = 15\% = 0.15$,
- $t = \frac{3}{12} = 0.25$ years (since 3 months is $\frac{3}{12}$ of a year).

### Step 1: Calculate the interest:
\[
I = 18,205 \times 0.15 \times 0.25 = 682.69
\]

### Step 2: Calculate the total amount:
\[
\text{Total amount} = P + I = 18,205 + 682.69 = 18,887.69
\]

To the nearest cent, Mandy will have **$18,887.69** in total after 3 months.

Would you like more details on how I arrived at this answer?

Here are five related questions:
1. What if the interest rate was compounded quarterly instead of simple interest?
2. How would the total change if the time period was 6 months instead of 3?
3. How much interest would Mandy earn in a full year?
4. What would happen if the interest rate were 10% instead of 15%?
5. How do compound interest and simple interest differ in calculation?

**Tip:** Simple interest grows at a constant rate, while compound interest grows exponentially, increasing your savings faster over time.

Mandy has $18,205 in a savings account. The interest rate is 15% per year and is not compounded. To the nearest cent, how much will she have in total in 3 months?

Discover how to calculate simple interest on $18,205 at a 15% annual rate for 3 months. This guide walks through the simple interest formula and shows how to calculate the total amount Mandy will have in her savings account, with detailed steps and examples.

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