Given:
Principal (p) =$3,000
Time (T) = 48 months = 4 years
Interest rate = 4.5%
Required :
Ending balance = ?
The simple interest :
[tex]\begin{gathered} SI\text{ = PRT} \\ =\text{ 3000 }\times\text{ 0.045 }\times\text{ 4} \\ =\text{ \$ 540} \end{gathered}[/tex]Ending balance :
[tex]\begin{gathered} \text{Ending balance = Principal + SI} \\ =\text{ \$ 3000 + \$ 540} \\ =\text{ \$ 3540} \end{gathered}[/tex]Ending balance = $ 3540
