Use the simple interest formula to find the ending balance. $5000 at 5% for 3.5 years. enter your answer in the box.

Ending balnace is; $5875

Step-by-step explanation:

Given: Principal(P) = $5,000 , Rate(R) = 5% and Time(T) = 3.5 years.

Using the simple interest(I) formula:

Substitute the given values in the formula to calculate interest(I);

Simplify:

To find the ending balance;

Ending balance is the net residual balance in an account.

Ending Balance = Principal + Interest

                          =

Therefore, the ending balance is, $5, 875

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