Question

$240 interest is earned on a principal of $1500 at a simple interest rate of 4% interest per year. For how many years was the principal invested?​

Answer 1

Simple Interest Formulas and Calculations:
Calculate Total Amount Accrued (Principal + Interest), solve for A. A = P(1 + rt)
Calculate Principal Amount, solve for P. P = A / (1 + rt)
Calculate rate of interest in decimal, solve for r. r = (1/t)(A/P - 1)
Calculate rate of interest in percent. ...
Calculate time, solve for t.
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