To find simple interest:
Time = Interest/(Principle)(Rate)
Interest is the amount of interest paid
Principle is the amount you lent or borrow
Rate is the percentage of principle charged as interest each year
Time is the years of the loan
P=Principle amount of $1,500
I=Interest amount of $1,200 (Take the new amount of $2,700 and subtract from the principle that is $1,500 which gives you $1,200)
r= as a decimal .15 (15%/100)
t=unknown
T=I/PR
T=1,200/(1,500)(.15)
T=1,200/225
T=5.3 years
It would take Lance roughly 5.3 years
Your answer: work more hours
I think the most appropriate answer would be "greater"
I hope it helped you!
Answer:
Clyde's Well Servicing has the following financial statements. The balance sheet items, profit margin, and dividend payout have maintained the same ...
Explanation:
Answer:
Helmut's basis at year-end is $3,900.
Explanation:
Beginning Basis = $2,000
Add: January 1 Liabilities at the rate of 10% = $20,000 × 10% = $2,000
Add: Increase in liabilities by the rate of 10% = $5,000 × 10% = $500
Less: Loss incurred at the rate of 10% = ($6,000 × 10%) = $600
Basis at the end of the year = $2,000 + $2,000 + $500 - $600
Basis at the end of the year = $3,900.
