Lance lopes went to his bank to find out how long it will take for $1,500 to amount to $2,700 at 15% simple interest. can you solve lance's problem? (round time in years to the nearest tenth.)

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Business

Annabelle Perez

30 December, 21:19

Lance lopes went to his bank to find out how long it will take for $1,500 to amount to $2,700 at 15% simple interest. can you solve lance's problem? (round time in years to the nearest tenth.)

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Answers (1)

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Hayden Mathews · Answer 1

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