SOLUTION: Hello, If someone could please please help me out with this problem. I tried yo figure it out myself but it didn't make any sense. I would appreciate it thank you so much, -kimbe

Question 58476: Hello, If someone could please please help me out with this problem. I tried yo figure it out myself but it didn't make any sense. I would appreciate it thank you so much,
-kimberley
When you borrow money, you have to pay interest that you have borrowed. The formula that is used to cacul the interest is I= PRT, I= is the amount of interest that you have to pay that you have P=money borrowed at R= % ( in decimal form) during t= years. Determine the time is will take to pay back 200$ at a 5% interest rate each year if you make interest payments of 60$.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Determine the time is will take to pay back 200$ at a 5% interest rate each year if you make interest payments of 60$.
------------
I=PRT
60=200(0.05)T
60=10T
T= 6 years
----------------
Comment: I is the interest you earn, not the interest you pay.
If you invest $200 for six years at 5% sinple interest you
would earn $60 interest.
Cheers,
Stan H.
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