Question

1
Using the simple interest formula, determine the number of months until $1270.00 will earn $107 24 interest at 65% p.a.
The number of months required is
(Round up the final answer to the nearest month as needed. Round all intermediate values to six decimal places as needed.)​

Answer 1

Answer:

Step-by-step explanation:

I = P0r

A = P0 + I = P0 + P0r = P0(1 + r)

I is the interest

A is the end amount: principal plus interest

P0 is the principal (starting amount)

r is the interest rate (in decimal form. Example: 5% = 0.05)