Question

How much months does it take for 1000 to double at simple interest of 15%

Answer 1

It would take 80 months.

Explanation:

80 months will give you $1000.

Convert 80 months to the amount in years.

80 month = 80 ÷ 12

= 6.666667 years

Convert 15% to a decimal.

15% = 15 ÷ 100

= 0.15

Substitute the values into the formula, I = Prt.

= Prt

= 1000 × 0.15 × 6.666667

= $1000