Use simple interest to find the ending balance

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Halil asked Apr 21, 2022

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27 votes

Use simple interest to find the ending balance

Mathematics
high-school

Halil asked Apr 21, 2022

by Halil

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1 Answer

22 votes

Answer: 7788.50

Solving steps:
P = 7400, R = 10.5%, T = 6

F = P + P rt
P = 7400
R = 10.5%
T = 6

F = 7400 + 7400rt

7400 x (12 + 6 x 0.105/12

7400 x (12 + 0.63)/12

7400 x 12.63/12

93462/12

15577/12

15577/2 0.01
7788.50
Answer: 7788.50

Ceilfors answered Apr 28, 2022

by Ceilfors

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