Question

Algebraically manipulating the formula for finding the simple interest, I = Prt, find the time period in years that $16,000 was deposited in a savings account which earned $4,000 in interest at a simple interest rate of 6%.
42 months
60 months
70 months
50 months
None of these choices are correct.

Answer 1

Interest=price(rate)(time)

Answer 2

How would you set up the numbers?

Answer 3

@nintendo_fangirl

Answer 4

Actually, the "p" in that formula stands for principal.

Answer 5

Sorry, I'd like to help, but my brain isnt working well with me tonight ;-;

Answer 6

Okay thanks anyway

Answer 7

Interest = Principal * rate * time

Answer 8

Yeah. I'm sure Wolf can help you (: Good luck

Answer 9

With the numbers what would that look like?

Answer 10

First we would have to solve the equation for time.
Interest = Principal * rate * time

time = Interest / (Principal * rate)
Interest is $4,000
Principal is $16,000
rate is 6% per cent

Answer 11

I'm still confused

Answer 12

time = 4,000 / (16,000 * .06)

Answer 13

Can you calculate the time?

Answer 14

is it 42 months?

Answer 15

Well, if you got 4,000 and divided it by (16,000 ties .06) your answer would be 4.1666666667

Answer 16

Yea that's what I got.

Answer 17

Okay if you rounded that, it would be 4.2 but that doesn't mean it = 42

Answer 18

How would you get the months?

Answer 19

Okay the answer you get is 4.1666666667
and that means YEARS
so to convert years to months you multiply by 12.

Answer 20

okay so 4.16*12

Answer 21

Which equals?

Answer 22

50 months?

Answer 23

That's right!!

Answer 24

If I had 3 more could you help me?

Answer 25

Sheesh - let's try one more