andressajacques andressajacques

23-05-2018
Mathematics

contestada

an account earns annual simpe interest. find the interest earned, principal, interest rate, or time

interest earned: $84
principal: 600$
intrest rate: 7%
time: ?

please explain how to do this and give an answer

Respuesta :

asadullahgiki asadullahgiki

30-05-2018

for this question we use simply the formula of simple interest which is
I=p*i*t
I = interest earned= 84$
i= interest rate= 7%
p= principal amount = 600$
time=?

(84)=(600)(0.07)(t)
t = 2 years

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