Using the formula for simple interest, I= Prt, to find the indicated quantity?

Question

2) Using the formula for simple interest, I= Prt, to find the indicated quantity 

I=$66; r = 6%; t = 6 months; P = ? 

P = $___ 


4) Using the formula for simple interest, I= Prt, to find the indicated quantity 

I = $90; P = $6000; r = 6%; t = ? 

t = ___ year(s) 

(simplify your answer. Type an integer or a decimal

Answer 1

2) I = Prt

We have fimd P, so convert the equation into P = I / rt

Substitute I = $66, r = 6%=0.06 and t = 6 months = 0.5 years in the formula.

P = 66 / (0.06*0.5)

   = 66 / 0.03

   = 2200

Therefore P = $2200.

4) I = Prt

We have fimd t, so convert the equation into t = I / Pr

Substitute I = $90, r = 6%=0.06 and P = $6000 in the formula.

t = I / Pr

  = 90 / (6000*0.06)

  = 90 / 360

  = 1 / 4

  = 0.25 years 

Therefore t = 0.25 years.