simple interest to find the ending balance

Question

use simple interest to find the ending balance

 

$10,000 at15% for 3 years

Answer 1

14500

 

Answer 2

Okay we must use the formula for simple interest which is; 

 

I=PRT

 

I= interest 

P=principal

R= percent rate (must be written in decimal form)

T- time in years

 

I= $10,000 * .15 * 3

I=$4500

 

So the total ending balance would be $10,000 + $4,500= $14,500