Question

Hi I have a question how do I do this questionFind the time (In years) given the simple interest earned is $378 the principal is $450 and interest rate is 12%

Answer 1

Given:-

The simple interest earned is $378 the principal is $450 and interest rate is 12%.

To find:-

The time.

So the formula is,

$Time=\frac{100\times Intrest}{Pri\text{ ncipal}\times Rate}$

Substituting the value we get,

$T=\frac{100\times378}{450\times12}$

So by simplifying we get,

$\begin{gathered} T=\frac{37800}{450\times12} \\ T=\frac{37800}{5400} \\ T=7 \end{gathered}$

So the required solution is 7 years.