Final answer:
The simple interest on $1,370 at 11% for 3 years is $451.10. By adding this interest to the principal, we find that the ending balance is $1,821.10.
Step-by-step explanation:
To find the simple interest and the ending balance on $1,370 at 11% for 3 years, we use the simple interest formula:
I = P × r × t
Where I is the interest, P is the principal amount ($1,370), r is the annual interest rate (11% or 0.11), and t is the time in years (3).
Let's calculate the interest:
$1,370 × 0.11 × 3 = $451.10
The simple interest is $451.10. To find the ending balance, we add this interest to the principal:
Total future amount (with simple interest) = $1,370 + $451.10 = $1,821.10
Therefore, the ending balance after 3 years is $1,821.10.