Use the simple interest formula to find the ending balance. $1500 at 7% for 1.5 years. Round your answer to the nearest cent. Enter your answer in the box.

A = $ 1,657.50

Equation:

A = P (1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 7%/100 = 0.07 per year,

then, solving our equation

A = 1500 (1 + (0.07 * 1.5)) = 1657.5

A = $ 1,657.50

The total amount accrued, principal plus interest,

from simple interest on a principal of $ 1,500.00

at a rate of 7% per year

for 1.5 years is $ 1,657.50.