SOLUTION: Hello, I think I'm on the right track, but is having problems understanding the formulas.... as for as what problems can the formula solve... my question is "how much must you inve

Question 102447: Hello, I think I'm on the right track, but is having problems understanding the formulas.... as for as what problems can the formula solve... my question is "how much must you invest at 7%simple intrest to have a total of $8000 (principal + intrest) after 2 years?" the formla I used or is using to sove is: A=P(1 + rt)
Can you assist me.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
"how much must you invest at 7% simple interest to have a total of $8000 (principal + interest) after 2 years?" the formula I used or is using to solve is: A=P(1 + rt)
------------------
8000= P(1+0.07*2)
8000 = P(1.14)
P = 8000/1.14
P = $7017.54
==============
Cheers,
Stan H.

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