Use simple interest to find the ending balance given the fol

Use simple interest to find the ending balance, given the following values for principal, rate, and time. $40,700 at 3.8% for 7 years

Solution

P = 40700

R = 3.8

T = 7

Simple interest = p *r*t /100

= 40700*3.8*7/100

= 10826.2

Ending balance= 40700 + 10826.2

= 51526.2