Question

how long would it take me to earn $139.50 of interest at a 6% interest rate if I started with $930.00

Answer 1

The simple interest formula is presented as I = PxRxT where I is the interest, P is the principal amount, R is the rate and T is the time.

I = PxRxT

$139.50 = $930.00 x 0.06 x T

T = 2.5 years