We must find time by using the simple interest formula:
I = P x i x t
I is the interest
P is the total principal
i is the rate of interest per year
t is the total time in years
In this example, when we plug our known values in, our formula looks like this:
t = [tex] \frac{I}{i*p} [/tex]
t = [tex] \frac{5425}{0.0875 * 15500} [/tex]
t = 4
So time (in years) would be 4 years.
