Question

April wants to borrow $200 from her father and is willing to pay $9 in Interest. Her father wants to charge an interest rate of 6%. How long can April keep the money?

Answer 1

principle (p)= $200

interest (I) =$9

Rate (R) = 6%

time (T)= ?

we know,

Time(T) = I×100÷P×R

= 9×100÷ 200×6

= 3÷4 years