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30 votes
30 votes
Solve for Time Principle $2,000Interest $480Rate 8%

User Ridwan Pujakesuma
by
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1 Answer

15 votes
15 votes

ANSWER:

t = 3

Explanation:

Given:

Principle (P) = 2000

Interest (I) = 480

Rate (r) = 8% = 0.08

The simple interest formula is the following:


I=P\cdot r\cdot t

We substitute each value and solve for t, like this:


\begin{gathered} 480=2000\cdot 0.08\cdot \:t \\ \\ t=(480)/(2000\cdot0.08)=(480)/(160) \\ \\ t=3 \end{gathered}

Therefore, the time would be 3 periods (it depends on the interest rate if it is annual, monthly, etc.)

User Sirrocco
by
2.7k points
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