Principle = $15,500 Interest Rate = 8.75% Time = ? Years Simple Interest = $5425.00

1 answer:

7 0

We must find time by using the simple interest formula:

I = P x i x t

I is the interest
P is the total principal
i is the rate of interest per year
t is the total time in years

In this example, when we plug our known values in, our formula looks like this:

t = $\frac{I}{i*p}$

t = $\frac{5425}{0.0875 * 15500}$

t = 4

So time (in years) would be 4 years.

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