t = 3
Simple interest will be derived by multiplying the principal, the interest rate, and the term.
Interest = Principal x Rate x Term
Interest = 105
Principal = 700
Rate = 0.05
Term = ?
Based on the Simple Interest formula,
term = Interest / principal x rate
term = 105 / (700 x 0.05)
term = 105 / 35
term = 3
