Question

Principle = $15,500 Interest Rate = 8.75% Time = ? Years Simple Interest = $5425.00

Solve for the Time in Years

Answer 1

We must find time by using the simple interest formula:

I = P x i x t

I is the interest
P is the total principal
i is the rate of interest per year
t is the total time in years

In this example, when we plug our known values in, our formula looks like this:

t =
`(I)/(i*p)`

t =
`(5425)/(0.0875 * 15500)`

t = 4

So time (in years) would be 4 years.