lea8981 lea8981
  • 01-04-2020
  • Mathematics
contestada

Princible $15,500 Annual interest Rate 8.75% Time Simple interest $5425.00

Respuesta :

samuelnwobi9
samuelnwobi9 samuelnwobi9
  • 01-04-2020

Answer: 4 years

Step-by-step explanation:

Principal (P) = $15500

Interest (I) = $5425

Rate (R) = 8.75%

Time (T) =?

To find the time, T

I = ( P x T x R) / 100

making T the subject of formula

T = (100 x I) / P x R

Inputting the given values

T = ( 100 x 5425) / 15500 x 8.75

T = 542500 / 135625

T = 4years

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