I= Prt
I=interest
P=principal
r=rate
t=time
Chat with our AI personalities
i=prt FACT: If an annual interest rate is given, time in the simple interest formula must be expressed in terms of years.
The answer for rate in simple interest is =rate= simple interest\principle*time
Annual Interest Rate divided by 12= Monthly Interest Rate
It depends on whether it is simple or compound interest. The formula for simple interest is A = P(1+rt), where A = amount of money after t years, P = Principal, or the amount of money you started with, and r = the annual interest rate, expressed as a decimal (i.e. 7% = 0.07). For compound interest, the formula is A = P(1+r)t.
To calculate the time required to earn $6,000 in interest on a principal of $9,000 at an annual simple interest rate of 4.1%, use the formula ( I = P \times r \times t ). Rearranging the formula to solve for time ( t ) gives ( t = \frac{I}{P \times r} ). Plugging in the values: ( t = \frac{6000}{9000 \times 0.041} \approx 16.23 ) years. Therefore, it would take approximately 16.23 years to earn $6,000 in interest.