Question

Simple Interest

I = $15
r = 8%
t = 3 quarters
p = ?

Answer 1

PRT/100 = SI
So
P = S1 * 100/RT
Understood? :)

Answer 2

not really.. cant i just use the formula I=Prt ?

Answer 3

@AkashdeepDeb

Answer 4

Well you just shift the terms around you know like this!
If ab = z and we have to find b
Then
b = z/a
Like that! :D

Answer 5

i get it but what about the t ? its suppose to be num of years right?
so do i calculate t=3/4 since it gives t=3 quarters
@AkashdeepDeb

Answer 6

Yes use it as 3 quarters or 3/4
Because 1 year has 3months 4 times and 1 quarter in a year is 3/12
So 3 quarters is 9/12 which 3/4 itself!! :D
Understood? :)

Answer 7

yeah thanks! so lets say they give t=30 days
so i should calculate it as t=30/365 right?

Answer 8

EXCELLENT!! :D