How many months does it take to earn $180 in interest on an investment of the principal is $5000 and the interest rate is 2%?

Question

asked Feb 28, 2021 8.9k views

2 Answers

Rich Churcher · Answer 1 · 2021-03-04T10:06:27+0000

Answer:

months = 6.67

Explanation:

time in years = interest / (principal amount x rate)

time in y = 180 / (5000 x 0.02)

time in y = 180 / 100

time in months = 12 / 1.8

months = 6.67