I=prt for t I=105 p=700 and r=0.05
1 answer:
t = 3
Simple interest will be derived by multiplying the principal, the interest rate, and the term.
Interest = Principal x Rate x Term
Interest = 105
Principal = 700
Rate = 0.05
Term = ?
Based on the Simple Interest formula,
term = Interest / principal x rate
term = 105 / (700 x 0.05)
term = 105 / 35
term = 3
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