SIMPLE INTEREST: TIME
TIME is the interest of the money borrowed divided by the product of principal and the rate.
Formula:
Where:
R= rate
I = Interest
P= principal
T = time
Illustrative examples:
1. The interest on a loan of $3500 is $85. If the rate of interest is 6%, When is the loan due?
Given: P = $3500
I = $85
R = 6% = 0.06
Required:T = ?
= $85 / ($3500*0.06)
= $85 / 210
= 0.40476 years or
= 4 months and 25.5 days
2. Solve for the approximate time and actual number of days from February 6 1990 to October 18, same year
Therefore: 8 * 30 days = 240 days
18 - 6 days = 12 days
So, 240 days + 12 days = 252 days
Try to solve each problem:
1. Find the approximate and actual number of days:
a. From October 12, 2011 February 7, 2012
b. From December 20, 2010 March 23, 2014
c. From November 10, 2009 July 7, 2010
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