Find the missing value: Principle- $15,300
Rate- 3.5%
Time- ?
Simple Interest- $2142
How many years would this be. 7 yrs. 6.5 yrs. 5.5 yrs. 4 yrs.

Question

Find the missing value: Principle- $15,300
                                      Rate- 3.5%
                                      Time- ?
                                      Simple Interest- $2142
How many years would this be. 7 yrs. 6.5 yrs. 5.5 yrs. 4 yrs.

campbell_st · Answer

formula is I = Prn         (r is a decimal) substitute your values then solve for n


2142 = 15300x0.035 x n

2142/(15300x0.035) = n

This should give you the correct answer

directrix · Answer

See the link for an online calculator to check your answer. http://easycalculation.com/simple-interest.php Your answer may be 4 years.