500 + 3% = 515
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500*(1+.03/12)^(7*12)=616.68
500*6/100*3 = 90
To calculate 3 percent interest on $6,000, multiply $6,000 by 0.03. This equals $180. Therefore, 3 percent interest on $6,000 is $180.
5000 + 500 + 3 = 5503
.03 * 500 = 15