# MATH

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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?

• MATH -

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.

• MATH -

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?

• MATH -

I still do not understand.

• MATH -

Try to specific and tell us what exactly you do not understand

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