Algebra L1-4 Quiz v3
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Last updated about 2 years ago
5 questions
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The formula for calculating simple (non-compounded) interest is I=PRT, where I is the amount of interest, P is the "Principle" (the amount of money you earn or owe interest on), R is the rate of interest per time period, and T is the number of time periods.A) Solve this formula for T, then
B) Find out how long a deposit has been earning interest if the amount of interest is $325, the rate of interest is 0.025 per month (often written as 2.5% per month), and the principle deposit was $2,000.00.
The formula for calculating simple (non-compounded) interest is I=PRT, where I is the amount of interest, P is the "Principle" (the amount of money you earn or owe interest on), R is the rate of interest per time period, and T is the number of time periods.
A) Solve this formula for T, then
B) Find out how long a deposit has been earning interest if the amount of interest is $325, the rate of interest is 0.025 per month (often written as 2.5% per month), and the principle deposit was $2,000.00.
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