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14-11-2016
Mathematics

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

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texaschic101 texaschic101

14-11-2016

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

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