Peter continues speaking to women who are wives.
The word “it” refers to the wives’ submission to and conduct towards their husbands.
Here the words “inner person” and “heart” refer to the inward character and personality of a person. AT: “what you really are on the inside” (See: [rc://en/ta/man/translate/figs-metonymy]
“a gentle and peaceful attitude.” Here the word “quiet” means “peaceful” or “calm.” The word “spirit” refers to a person’s attitude or temperament.
Peter speaks of God’s opinion of a person as if that person were standing directly in front of him. AT: “which God considers to be precious” (See: rc://en/ta/man/translate/figs-metaphor)