Question

Find the balance: $4762 with a simple interest rate of 2.3% at 7 years. Can someone explain simple interest rate?

Answer 1

I am pretty sure its $766.68

Explanation:

Simple interest is one way that interest can be calculated on a loan or investment. ... The standard formula is I = Prt, with “p” being the principal on the loan, “r” being the rate at which interest is being charged, and “t” being the time over which interest is being charged.