I have to invest the money for 7.5 years to meet the goal of $15,000 as Simple Interest.
<h3>What is Simple Interest?</h3>
Simple interest is a quick and simple formula for figuring out how much interest will be charged on a loan. The daily interest rate, the principle, and the number of days between payments are multiplied to calculate simple interest.
Although some mortgages employ this calculation approach, this kind of interest typically relates to auto × or short-term loans. The formula of Simple Interest is given below:
SI = P×R×T/100
Where SI = Simple Interest
P = Initial Principle Balance
R = Rate of Interest
T = Time (in years)
According to the given Question, SI= $15000, P=$25000, R = 8% and we have to find the value of T.
15000= 25000 × 8 ×T/100
T = 15000 × 100/ 25000 × 8
T = 1500000/ 200000
T= 7.5 Years
Therefore, The money should be invested for 7.5 years to meet the goal of $15,000 as Simple Interest.
To know more about Simple Interest, Visit:
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