MATH
posted by meshelle .
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.
http://math.about.com/od/businessmath/ss/Interest.htm 
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
Respond to this Question
Similar Questions

Math
1. you deposit $200 into a savings account with interest compounded. annually, the expression 200(1+R)^ 2, where R is the interest rate, gives the account balance after 2 years. Expand this expression and simplify. Find the account … 
math 10
Theo deposited $1,250 in a savings account that pays 6% interest, compounded quarterly. What was his balance at the end of the second quarter after the interest had been added? 
math
We deposited 7,500 dollars into a savings account which pays 3.6 percent annual interest, compound quarterly.How long after the money is deposited will the account balance be 9,750 dollars? 
math
how much money would have to be invested in an account at 3.98% annual interset to achieve a balance of 25,000 in 17 years if a. The account pays simple interest b. the account compound interest qrtly c. the account compounds interest … 
math
Suppose that you deposit $1735.50 in a savings account that pays 9.25% annual interest with interest credited to the account at the end of each year. Assuming no withdrawals are made, find the balance in the account after 4 years 
math
A savings account opened 3 months ago now has a balance of Rs. 20,400. If the bank pays 8 percent p.a. Simple interest, how much money was deposited? 
math
Rob has a balance of 1695$ in his bank account The account pays 2.9% interest per year, compounded annually. The compound interest formula is A=P(1+i)^n A=future value\P=principal/i+interest rate/n=number of payments rods balance will … 
Math Personal Finance
Assume we invest $2000 for one year in a savings account that pays an APR (Annual Percentage Rate) of 10% compounded quarterly. The compound interest formula is: Balance after t periods = Principal × (1 + r)t The final balance using … 
math
Malinda has a savings account set up so that her monthly interest 0.1% of the balance of her savings accounts is given to her as a check at the end of each month. If her savings account has a balance of $1,500 all year. What will … 
Algebra
Suppose that you deposit $1735.50 in a savings account that pays 9.25% annual interest with interest created to the account at the end of each year. Assuming no withdrawals are made, find the balance in the account after 4 years