Question

The simple interest on $600 for t years at 5 per cent annum is $120. the vale of t is

Answer 1

t = 4 years

Explanation:

Simple Interest = Prt where r = rate in decimal, t = time in years, P = principal

r = 5/100 = 0.05

Plugging in knowns
120 = 600 x 0.05 x t

120 = 30t

30t = 120

t = 120/30

t= 4 years