What is the amount after 1 year on $315 invested at 7%, if interest is simple interest?
Multiply $315 by .07 to find the interest earned. Add this figure to $315 to find the total at the end of one year.
To calculate the amount after 1 year on $315 invested at 7% simple interest, you would need to follow these steps:
1. Multiply the principal amount ($315) by the interest rate (7%).
$315 * 0.07 = $22.05
2. Add the interest earned to the principal amount to find the total at the end of one year.
$315 + $22.05 = $337.05
Therefore, the amount after 1 year on $315 invested at 7% simple interest would be $337.05.