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4 April, 11:25

Use i=prt, the formula for simple interest over t years to find i when p=$2000, r=6%, and t=18 months

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  1. 4 April, 11:44
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    The given formula to use id i = prt

    where p = $2000

    r = 6% = 6 / 100 = 0.06

    and time t = 18 months

    the formula is for interest over t years, so we have to convert time t in years

    1 year is equal to 12 months, so 18 months is equal to 1.6 years

    i = prt

    i = $2000 x 0.06 x 1.6

    i = $192

    $192 is the simple interest over 18 months
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