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An account earns annual simpe interest. find the interest earned, principal, interest rate, or time interest earned: $84 principal: 600$ intrest rate: 7% time: ? please explain how to do this and give
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An account earns annual simpe interest. find the interest earned, principal, interest rate, or time

interest earned: $84
principal: 600$
intrest rate: 7%
time: ?

please explain how to do this and give an answer

User Navin GV
by
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1 Answer

3 votes
for this question we use simply the formula of simple interest which is
I=p*i*t
I = interest earned= 84$
i= interest rate= 7%
p= principal amount = 600$
time=?

(84)=(600)(0.07)(t)
t = 2 years
User Vitorvigano
by
9.1k points
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