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simple interest statistics

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Joanne and Ed Greenwood built a new barn with an attached arena. To finance the loan, they paid $1338 interest on $50,400 at 3%. What was the time, using exact interest 

Nov 22nd, 2014

Again using the same formula

SI = (PxRXT)/100
here SI = 1338
P= 50400
R=3%

So, 1338 = (50400*3*T)/100
therefore, T = (1338*100)/(50400*3) = 0.88 Years (Answer)

Please best the answer if helpful :) Thanks :)

Nov 22nd, 2014

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