Use simple interest to find the ending balance

Question

asked Nov 12, 2022 233k views

1 Answer

Emehex · Answer 1 · 2022-11-16T20:13:08+0000

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

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Use simple interest to find the ending balance