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25 September, 10:27

How much time is needed for $1,800 to accumulate $360 in simple interest at a rate of 10%?

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  1. 25 September, 11:33
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    I = PRT ... rearrange

    I / PR = T

    I = 360

    P = 1800

    R = 10% = 0.1

    I/PR = T

    360 / (1800*0.1) = T

    360 / 180 = T

    2 = T ... so it would take 2 years
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