Question

Solve for TimeTime(Years)=Interest/(Principle x Rate)Principal $2,000Interest $480Rate 8%

Answer 1

3 years

Explanation:

Given:

Principal (p) = 2000

Interest (I) = 480

Rate (r) = 8% = 0.08

We substitute it into the formula, like this:

`\begin{gathered} t=(I)/(P\cdot r) \\ \\ \text{ We replacing:} \\ \\ t=(480)/(2000\cdot0.08)=(480)/(160) \\ \\ t=3 \end{gathered}`

The time is 3 years