Question

Use simple interest to find the ending balance. Round to the nearest cent when necessary. $14,000 at 4.8% for 2 years.$15,344$12,656$134,400$15,355

Answer 1

`\text{ \$}15344\text{ (option A)}`Step-by-step explanation:

Ending balance = amount

Amount = Principal + Interest

Principal = P = $14000

rate = r = 4.8% = 0.048

time = t = 2 years

Using simple interest formula:

`\begin{gathered} I\text{ = PRT} \\ I\text{ = 14000 }*\text{ 0.048 }*\text{ 2} \\ I\text{ = }1344 \end{gathered}`

Ending balance:

`\begin{gathered} \text{Amount = \$14000 + \$1344} \\ \text{Amount = }15344\text{ (option A)} \end{gathered}`