Simple interest - I

[Blake corey]

How much was borrowed by Prof. Enriquez if the interest he paid after 18 months at 16% simple interest was P 24, 000?

Is I = Pit is formula needed for this?

 

[Otis]

Hi Blake. Use the simple-interest formula:

I = p · r · t

The unit for time is 'years', so you need to convert 18 months to years.

If you'd like more help, please show what you tried. Thanks!

?

 

[Blake corey]

Hi Blake. Use the simple-interest formula:

I = p · r · t

The unit for time is 'years', so you need to convert 18 months to years.

If you'd like more help, please show what you tried. Thanks!

?

Thanks a lot!