Respuesta :

meerkat18
Given:
Principal = £100
Interest rate = 6%
Interest = £12

Simple Interest is computed by multiplying the principal by its interest rate and term

Interest = Principal * rate * term
12 = 100 * 0.06 * term
12 = 6 * term
12/6 = term
2 = term

It will take 2 years for £100 to earn £12 at 6%
cdbuck
6% is 6 for every hundred. Because we have 100, that means that it the interest will be 6 more each year. 12/6 = 2, so 2 years.
NOTE: that is only simple interest. Compound interest is different. Compound interest is when you earn interest on your interest, so after 1 year you would have 106, and then you would get 6% of that 106.

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