Question

Calculate the simple interest and the final balance.

Principal
$100
Rate of Interest
14%
Time
2 years
Someone please help me lol

Answer 1

To calculate the simple interest and the final balance, we can use the following formula:

Simple Interest = Principal * Rate * Time

1. Principal: The principal is the initial amount of money invested or borrowed. In this case, the principal is $100.

2. Rate of Interest: The rate of interest is given as 14%. To use this in the formula, we need to convert it to decimal form by dividing it by 100. So, the rate is 0.14.

3. Time: The time is given as 2 years.

Now, let's calculate the simple interest:

Simple Interest = $100 * 0.14 * 2 = $28

The simple interest is $28.

To find the final balance, we need to add the simple interest to the principal:

Final Balance = Principal + Simple Interest = $100 + $28 = $128

The final balance after 2 years will be $128.

Answer 2

Simple Interest: $28

Final Balance: $128

Explanation:

Simple interest is the interest charged on a loan or investment that is calculated based on the original principal amount and the interest rate, over a specific period of time. It is calculated using the following formula:

`\sf \textsf{Simple Interest} = (Principal* Rate * Time)/(100)`

where:

• Principal is the amount of money borrowed or invested.
• Rate is the interest rate expressed as a percentage.
• Time is the period of time in years.

In this case: we have

• Principal: $100
• Rate of Interest: 14%
• Time: 2 years

Substituting value in above formula, we get

`\begin{aligned} \textsf{Simple Interest} & = (\$100 * 14 * 2 )/(100) \\\\ &= (\$ 2800)/(100)\\\\ & = \$ 28 \end{aligned}`

Therefore, the simple interest is $28.

Again

The final balance is the sum of the principal amount and the simple interest.

Final Balance = Principal + Simple Interest

Final Balance = $100 + $28.00

Final Balance = $128.00

Therefore, the final balance is $ 128.