Answer:
m = 16.25 months
Step-by-step explanation:
To find the value for m, we first have to consider the formula for calculating simple interest.
The formula that we generally use is:
[tex]I = Prt[/tex]
Now we have to find the value for t as it is not given.
We now define the different variables that we do have.
P = 860
I = 838.50
r = 6% or 0.06
t = ?
First we substitute the value that we do have in the formula.
838.50 = 860 (0.06) (t)
838.50 = 51.6 (t)
838.50 = 51.6t
Now we have to divide both sides by 51.6 to find the value of t.
[tex]\dfrac{838.50}{51.6}=\dfrac{51.6t}{51.6}[/tex]
t = 16.25
Now that we have all the values, we can check if the number months is correct by doing the formula again.
[tex]I = Prt[/tex]
[tex]I = 860 (0.06)(16.25)[/tex]
[tex]I = 860 (0.975)[/tex]
[tex]I = 838.50[/tex]
Answer:
5 Months
Step-by-step explanation:
For this calculation we use the fact that the total interest is $860 − $838.50 = $21.50. Therefore using I = Prt,
we get $21.50 = $860 × 0.06 × t.
Solving this for t gives t = 0.416 =512. Hence m = 5.
