Question

Use the simple interest formula to find the ending balance.

$1500 at 7% for 1.5 years.

Please explain it, if possible.

Answer 1

1657.50

Explanation:

The explanation is a little confusing and hard to go through but I will put a formula and some definitions for some help. :)

i = prt

i = interest

p = principal

r = rate

t = time

a = total of principal and interest

A = P (1 + r) t

Answer 2

F=p(1+rt),,1500(1+0.07*1.5)=???