OldLady
Diamond Member
- Nov 16, 2015
- 69,568
- 19,607
Simple Interest formula:
A = P x (1+rt) Total amount = principal x (1 + percent of interest x length of time of loan)
Okay, I get that.
George is going to borrow $500 at 10% APR simple interest. He wants his total interest payment to be at most $100. What length of time can he take out the loan if that is the most he wants to pay on interest?
I couldn't do this 'cause me and algebra do not get along. Can anyone show me how to do it?
A = P x (1+rt) Total amount = principal x (1 + percent of interest x length of time of loan)
Okay, I get that.
George is going to borrow $500 at 10% APR simple interest. He wants his total interest payment to be at most $100. What length of time can he take out the loan if that is the most he wants to pay on interest?
I couldn't do this 'cause me and algebra do not get along. Can anyone show me how to do it?