Question

Jamar puts $500 in a savings account that earns simple interest. The intrest rate is 5%. How long will it take for jamar to earn $500 in interest from this account if he makes no other deposit or withdrawal? Please help!!!

Answer 1

5% of 500 is 25


if the interest rate is $25 every month so it will take 20 months to earn $500
$500 \div 25 = 20$



good luck

Answer 2

Principle=$500
Rate=5%
Interest=500
time=?
now,
T=(I×100)/P×R