Question

a principle of $16,000 is invested at 8% and earns $8,320. simple interest. How long has the money been invested
Time = Interest/(principal x rate)
= 8320/(16000*.08)
= 6.5 years

Related Questions

I invested $42,000 in three funds paying 5%, 7%, and 9% simple interest. The total annual interest f... Compare the future amounts (A) you would have if the money were invested at simple interest and if i... A total of $12,000 is invested in two funds paying 9% and 11% simple interest. If the yearly interes... Range invested $1000 for college in an account earning 5% simple interest. When she withdrew the inv...