Question

Use simple interest to find the ending balance.
$7,900 at 1.9% for 2 & 3/4 years

Answer 1

Answer: 8319.66994

Explanation:

your initial x your interest all raised to your time interval.

7,900(1+.019)^2.75

Answer 2

To calculate the ending balance, we can use the following formula:

Ending Balance = Principal x (1 + Interest Rate x Time)

Given:

Principal = $7,900

Interest Rate = 1.9%

Time = 2 3/4 years

Therefore,

Ending Balance = $7,900 x (1 + 0.019 x 2.75) = $8,084.60