Question

Simple Interest PracticeРUsing simple interest, find the ending balance of the following problem.$2,300 invested at 7% for 9 yearsEnding Balance =

Answer 1

The ending balance is 3749

using the simple interest formula

A = P(1+rt)

where A is the final amount

P is the primary or initial amount

r is the interest rate

t is time

so we can calculate the ending balance

A = 2300 (1+ (0.07*9)) = 3749