How much time is needed for $1,800 to accumulate $360 in simple interest at a rate of 10%?

Question

asked Oct 5, 2017 66.5k views

1 Answer

Michael Johnston · Answer 1 · 2017-10-09T13:07:58+0000

I = PRT....rearrange
I / PR = T

I = 360
P = 1800
R = 10% = 0.1

I/PR = T
360 / (1800*0.1) = T
360 / 180 = T
2 = T...so it would take 2 years