James is in charge of the decorations. He has a total budget of $50 to spend for all of the decorations. James spends $20 on one
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The formula for simple interest is the following:
In this formula, is the amount of interest,
is the principal (or initial) amount,
is the interest rate, and
is the length f time, typically in years.
First, let's make a couple of changes to how we wrote down the variables.
- Change the interest rate,
, to the decimal value
.
- Convert the length of time to years. 180 days divided by 360 days per year equals
years.
Substitute in the values and solve with a calculator.