Question

Use the simple interest formula to find the ending balance.

$5000 at 5% for 3.5 years.

Enter your answer in the box./2 one

Answer 1

$5,875

Explanation:

Interest = Principal x Time x Interest Rate

Interest = $5000 x 3.5 x 0.05

Interest = $875

Total Balance will be

$5000 + $875

= $5,875

in 3.5 years