Question

Simple interest to find the ending balance $460 at 13% for
2
years

Answer 1

$568.16

Explanation:

First, converting R percent to r a decimal

r = R/100 = 13%/100 = 0.13 per year,

then, solving our equation

I = 416 × 0.13 × 2 = 108.16

I = $ 108.16

The simple interest accumulated

on a principal of $ 416.00

at a rate of 13% per year

for 2 years is $ 108.16.