Find the balance on a deposit of $250 that earns 12% simple interest for 3 years

Question

i need to find the balance for the interest problem

Answer 1

the underlying formula that you want to use here is

simple interest = principal x rate x time

=$250 x 12% x 3

=$90

then the final balance comes from adding together the principal and simple interest

final balance = 250 + 90 = $340

Answer 2

A = P(1 + rt)

A = 250(1 + (.12 x 3)

A = 250(1 + .36)

A = 250 + 90 = 340

 

$340