posted by meshelle on .
Can someone help me with this question please.
Raymond opened a savings account that pays 1.5% interest on his balance. The interest he received so far on his balance of $500 is $3.75. Can you tell from this info how long he’s had the $500 in the account? Also, for terminology, what is the Rate, the Principle and the base?
Interest equals principal times rate times time.
I = p * r * t
3.75 = 500 * 0.015 * t
3.75 = 7.5t
3.75/7.5 = t
0.5 = t
0.5 = 1/2 year
Check this site.
Use interest = principle x rate x time.
I'm not sure what you mean by "base."
Principle here is $500, rate is 1.5%, and interest is $3.75.
Can you solve it from here?
I still do not understand.
Try to specific and tell us what exactly you do not understand