Use simple interest to find the ending balance: 34100 at 4 % for three years

Let's calculate the ending balance using the simple interest formula.

Given:
- Principal ($ P $) = \$34,100
- Annual interest rate ($ r $) = 4% = 0.04 (as a decimal)
- Time period ($ t $) = 3 years

### Step 1: Calculate the interest
The interest ($ I $) earned is calculated using the formula:

\[
I = P \times r \times t
\]

\[
I = 34100 \times 0.04 \times 3 = 4092
\]

### Step 2: Calculate the ending balance
The ending balance ($ A $) is the sum of the principal and the interest:

\[
A = P + I = 34100 + 4092 = 38192
\]

So, the ending balance after 3 years is **\$38,192**.

Would you like more details or have any questions about this calculation?

Here are some related questions you might be interested in:
1. How would the ending balance change if the interest rate was higher?
2. What if the time period was 5 years instead of 3 years?
3. How does simple interest compare to compound interest?
4. What is the difference in ending balance if the principal was \$50,000?
5. How would the balance change if interest was compounded annually instead of simple interest?
6. Can simple interest result in a loss over time?
7. How do you calculate the interest earned alone, not the total balance?
8. What if the interest rate was 6% instead of 4%?

**Tip:** Always convert the percentage rate to a decimal by dividing by 100 before using it in calculations.

Learn how to calculate the ending balance using simple interest for a principal of $34,100 at an annual interest rate of 4% over a period of 3 years. Follow step-by-step calculations and understand the application of simple interest formulas.

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