Question

Mr.Womer borrowed $1100 to start his own business. National Bank charged him 15% interest per year. He paid $330 in interest. For what period of time did he borrow the money?

BTW i dont need the answer just show me how to do it thanks.

Answer 1

Ok so the formula u would use in this problem would be:
I=Prt
I=Interest (In this problem it says interest is $330)
P=Principal (amount you started off with, in this case it'd be $1100)
R=Rate (this would be the percentage of interest, in this case 15%, which is easier if u write in decimal form in the problem, which would be 0.15)
T=Time (this is what we're trying to solve)
Since we have all of the variables instead of T, we can plug them in and solve for T as:
I=Prt
$300=($1100)(0.15)(t)
and solve for t, does that help? :)

Answer 2

ok thanks so much !

Answer 3

np :P did that help a bit? :)

Answer 4

Yes it did lol

Answer 5

oh ok that's good :P did u get the right answer? o.O

Answer 6

Yea i got it right haha

Answer 7

it was 2 years

Answer 8

ooh nice :P *hi 5*