Example:
P = $27,600, I = $2484 and R = 3%, then find the time.
Solution:
Formula
I = PTR/100
Where I = Interest, P = Principal, T = Time and R = Rate or interest.
Therefore:
T = (I*100)/(PR)
Substituting the given values in the above formula.
T = (2484 * 100) / (27600 * 3)
T = 248400 / 82800
T = 3 years.
Directions: Solve the following problems. Also write at least ten examples of your own.
