Question

Use the formula for simple interest, I = P × r × t, to find the missing quantity.

I = $960; P = $6,000; r = 8%

Answer 1

I = PRT
I = 960
P = 6000
R = 8% --- turn to a decimal = 0.08

so we have I and P and R....we need to find T
now we sub
I = PRT
960 = (6000)(0.08)(T)
960 = 480T
960/480 = T
2 = T

check..
960 = (6000)(0.08)(2)
960 = 960 (correct)

so it took 2 years.....T = 2