Question

pre - algebra
assignment
name
date
use simple interest to find the ending balance.

1. $8,300 at 6% for 2 years
2. $36,600 at 5% for 2 years
3. $12,300 at 5% for 5 years
4. $20,000 at 15% for 2 years
5. $29,900 at 6% for 7 years
6. $1,090 at 7% for 3 years
7. $45,000 at 6% for 7 years
8. $10,600 at 4% for 7 years
9. $1,870 at 4% for 2 years
10. $27,000 at 15% for 8 years
11. $820 at 1% for 4 years
12. $52,000 at 9% for 2 years
13. $55,500 at 12% for 2 years
14. $223 at 7% for 4 years
15. $28,400 at 7% for 6 years
16. $480 at 14% for 3 years
17. $19,600 at 5% for 2 years
18. $4,500 at 15% for 2 years
19. $7,000 at 9% for 7 years
20. $1,380 at 11% for 4 years

Explanation:

Let's solve the first problem (1) as an example, and you can follow the same method for the others.

Problem 1: $8,300 at 6% for 2 years

Step 1: Recall the simple interest formula

The formula for simple interest is $I = P \times r \times t$, where:

• $I$ is the interest earned,
• $P$ is the principal amount (initial amount of money),
• $r$ is the annual interest rate (in decimal form),
• $t$ is the time in years.

First, convert the percentage rate to a decimal. 6% as a decimal is $r = 0.06$.

Step 2: Calculate the interest

We know that $P = 8300$, $r = 0.06$, and $t = 2$. Plug these values into the formula:

$I = 8300 \times 0.06 \times 2$

First, calculate $8300 \times 0.06 = 498$. Then, multiply by 2: $498 \times 2 = 996$. So the interest earned is $996$.

Step 3: Calculate the ending balance

The ending balance $A$ is the principal plus the interest, so $A = P + I$.

Substitute $P = 8300$ and $I = 996$:

$A = 8300 + 996 = 9296$

Answer:

The ending balance is $\$9296$.

You can follow the same steps for each of the other problems:

1. Convert the percentage rate to a decimal (e.g., 5% becomes 0.05, 15% becomes 0.15, etc.).
2. Use the simple interest formula $I = P \times r \times t$ to find the interest.
3. Add the interest to the principal to find the ending balance $A = P + I$.

For example, let's solve problem 2: $36,600 at 5% for 2 years

Step 1: Convert the rate to a decimal

5% as a decimal is $r = 0.05$.

Step 2: Calculate the interest

$I = 36600 \times 0.05 \times 2$

First, $36600 \times 0.05 = 1830$. Then, $1830 \times 2 = 3660$. So the interest is $3660$.

Step 3: Calculate the ending balance

$A = 36600 + 3660 = 40260$