Respuesta :
Ileana have to invest for 8 years :
What is Simple interest?
Simple interest is a simple and straightforward formula for figuring out how much interest will be charged on a loan. Simple interest is calculated by dividing the daily interest rate by the principle and the number of days between payments.
How do you calculate simple interest?
The principal amount must be multiplied by the time, interest rate, and time period in order to calculate simple interest. Simple Interest = Principal x Interest Rate x Time is the written formula.
Given Data:
Principal amount = $15,500
interest = $5,084
Time = ?
Rate = 4.1% simple interest
Solution:
to find the simple interest :
I = [tex]\frac{(p*t*r)}{100}[/tex]
Then:
Time = [tex]\frac{I*100}{P*R}[/tex]
= [tex]\frac{(5084*100)}{(15500*4.1)}[/tex]
= [tex]\frac{508400}{63,550}[/tex]
= 8 years
Ileana have to invest for 8 years
To know more about simple intertest visit:
https://brainly.com/question/24217271
#SPJ4
