Question

How much principal would you have to deposit to earn $700 simple interest in 1 1/2 years a rate of 2%

Answer 1

Answer: 23333.3 repeating

Step-by-step explanation: You use the I=P*R*T formula. then just plug in the numbers. So 700 goes where the I is. 1.5 years goes where the T is. The 2% changes to be .02 then you put that where the R is. Then just solve. The equaion would look like this 700=p*.02*1.5