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2 answers:
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Given:
Rate of simple interest = 5%
Time = 4 years
Total interest = $160
To find:
The amount borrowed by Austin from a credit union.
Solution:
The formula for simple interest is:
Where, P is principal, r is the rate of interest and t is the number of years.
Putting in the above formula, we get
Multiply both sides by 5.
Therefore, Austin borrowed $800 from a credit union for 4 years.
N = number of compounding periods
Years = log (total / principal) / n * log (1 + rate / n)
Years = log (750 / 500) / 4 * log (1 + .025/n)
Years = log (1.5) / 4 * log (1<span><span>.00625) </span>
</span> <span>Years = 0.17609125906 / 4 * 0.0027058933759
</span><span>Years = 0.17609125906 </span> / <span> <span> <span> 0.0108235735 </span> </span> </span>
Years = <span> <span> <span> 16.2692348382 </span> </span> </span>
Source Calculator
http://www.1728.org/compint.htm
Years = log (total / principal) / n * log (1 + rate / n)
Years = log (750 / 500) / 4 * log (1 + .025/n)
Years = log (1.5) / 4 * log (1<span><span>.00625) </span>
</span> <span>Years = 0.17609125906 / 4 * 0.0027058933759
</span><span>Years = 0.17609125906 </span> / <span> <span> <span> 0.0108235735 </span> </span> </span>
Years = <span> <span> <span> 16.2692348382 </span> </span> </span>
Source Calculator
http://www.1728.org/compint.htm