Question

Use simple interest to find the ending balance.
1.) $600 at 14% for 3 years
2.) 50,300 at 15% for 6 years

Answer 1

I = PRT

1.) I = (600)(.14)(3) = 252
now add the interest (252) to the principal (600) = $852 ending balance

2.) I = (50300)(.15)(6) = 45270
50300 + 45270 = $95570 ending balance