Question

A man needed money for college. He borrowed a principal (P) of 55,000 invested over an unknown amount of time (T) at 14\%(R=0.14) yields 5525 in Interest (I). Use I = PRT to find the time The duration of the loan is year. (Round to two decimal places as needed)

Answer 1

I = PRT, I=5525,P=55,000, R=0.14

5525= 55,000*0.14*T (Replacing the values)

5525 = 7700*T (Multiplying)

5525/7700 = T (Dividing on both sides of the equation by 7700)

0.718 = T (Dividing)

The answer is 0.72 rounding to two decimal places.