Question

Use the simple interest formula to find the ending balance. $1500 at 7% for 1.5 years. Round your answer to the nearest cent. Enter your answer in the box.

Answer 1

$1,657.50

Explanation:

Answer 2

A = $ 1,657.50

Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 7%/100 = 0.07 per year,
then, solving our equation

A = 1500(1 + (0.07 × 1.5)) = 1657.5
A = $ 1,657.50

The total amount accrued, principal plus interest,
from simple interest on a principal of $ 1,500.00
at a rate of 7% per year
for 1.5 years is $ 1,657.50.