Question

Simple interest, I, in dollars are calculated using the formula I=PT, where p represents the principle, or amount in dollars that is invested or borrowed, r represents the annual interest rate, expressed as a decimal, and t represents time in years, find the value of the variable t using the simple formula I=$210, p=$4000, r=3.5%

Answer 1

The value of the variable t is 1.5 years

Explanation:

Here, from the simple interest formula, we want to calculate the value of the variable T which is the time;

Mathematically;

I = PRT/100

In this question, I = simple interest = $210, P = principal = $4,000, R = rate = 3.5% and T = time which we want to calculate;

Now, substitute these values into the equation;

210 = (4,000 * 3.5 * T)/100

Cross multiply

100 * 210 = (14,000 * T)

21,000 = 14,000T

T = 21,000/14,000

T = 1.5 years