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Find the Balance after 4 years.
I=$426, P=$1200, t=5 years

User Roledenez
by
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1 Answer

1 vote

So,

The I given is for 5 years. We want I for 4 years.

I = PRt, assuming simple interest.

Substitute:

$426 = $1200(R)(5 years)

Solve for R.


(426)/(1200*5)=R=0.071

Now, substitute back into the formula with t = 4 years.

I = $1200(0.071)(4) = $340.8

The balance after four years is $340.8.

User Bostwick
by
7.9k points