You begin planning for a down payment on a home. you have $25,000 to invest, and you have found an investment that will pay 8% simple interest each year. you need to earn another $15,000 in interest to meet your down payment goal. how many years must you invest your money to meet your goal?

Question

16-08-2022
Mathematics

Answered

You begin planning for a down payment on a home. you have $25,000 to invest, and you have found an investment that will pay 8% simple interest each year. you need to earn another $15,000 in interest to meet your down payment goal. how many years must you invest your money to meet your goal?

Answer :

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Tutorconsortium366 Tutorconsortium366 · Answer 1 · 2022-08-20T04:19:27-04:00

I have to invest the money for 7.5 years to meet the goal of $15,000 as Simple Interest.

What is Simple Interest?

Simple interest is a quick and simple formula for figuring out how much interest will be charged on a loan. The daily interest rate, the principle, and the number of days between payments are multiplied to calculate simple interest.

Although some mortgages employ this calculation approach, this kind of interest typically relates to auto × or short-term loans. The formula of Simple Interest is given below:

SI = P×R×T/100

Where SI = Simple Interest

P = Initial Principle Balance

R = Rate of Interest

T = Time (in years)

According to the given Question, SI= $15000, P=$25000, R = 8% and we have to find the value of T.

15000= 25000 × 8 ×T/100

T = 15000 × 100/ 25000 × 8

T = 1500000/ 200000

T= 7.5 Years

Therefore, The money should be invested for 7.5 years to meet the goal of $15,000 as Simple Interest.

To know more about Simple Interest, Visit:

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