Question

Find the balance of the account.

$1600 at 5% for 1 year

This is simple interest btw. I also need a explanation too​

Answer 1

$1680

Explanation:

I = 5%

P = $1600

period = 1 year

$1600 + 15% = $1680

Answer 2

$1680.

Explanation:

The interest for 1 year = 1600 * 5%

= 1600 * 0.05

= $80.

So the new balance = old balance + interest

= 1600 + 80

= $1680.