how long will it to earn $525 in interest if 3500. is invested at 65 apr?
65 apr? Are you sure????
6% APR
I = PRT
525 = 3500 *.06 * T
Solve for T (time)
this is simple interest
To calculate how long it will take to earn a certain amount of interest, we need to know the interest rate and the principal amount.
In this case, the principal amount is $3500 and the annual percentage rate (APR) is 6.5% (65 apr divided by 100). We also need to know the interest amount we want to earn, which in this case is $525.
To find the time it takes to earn this interest, we can use the formula for simple interest:
Interest = (Principal * Rate * Time) / 100
We can rearrange this formula to solve for Time:
Time = (Interest * 100) / (Principal * Rate)
Substituting the values we have:
Time = ($525 * 100) / ($3500 * 6.5)
Simplifying further:
Time = 52500 / 22750
Time ≈ 2.31 years
Therefore, it will take approximately 2.31 years to earn $525 in interest if $3500 is invested at an APR of 6.5%.