Answer:
New balance = 3640
Step-by-step explanation:
Given the following data;
Interest rate = 4% = 4/100 = 0.04
Principal = 3500
To find the new balance;
First of all, we would find the amount at the interest rate;
New amount = interest rate * principal
New amount = 0.04 * 3500
New amount = 140
Now, to find the new balance;
New balance = principal + new amount
New balance = 3500 + 140
New balance = 3640
