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If I put $ 1500 into my savings account and earned $ 180 of interest at 4 % simple interest, how long was my money in the bank?

If I put $ 1500 into my savings account and earned $ 180 of interest at 4 % simple interest, how long was my money in the bank?
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5 votes
If I put $ 1500 into my savings account and earned $ 180 of interest at 4 % simple interest, how long was my money in the bank?

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User Shamsher
by
8.1k points

1 Answer

1 vote
I=PRT
P for Principle Amount
R for Rate
T for Time in years
Substitute:
180=1500×0.04×T
180=60T
3=T
It was in the bank for 3 years.
answered
User Lyubomir Vasilev
by
7.7k points
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