Author Question: The principal P is borrowed at simple interest rate r for a period of time t. Find the simple ... (Read 81 times)

berenicecastro · **on:** Feb 2, 2020

Question 1

The principal P is borrowed at simple interest rate r for a period of time t. Find the simple interest owed for the use of the money. Assume 360 days in a year and round answer to the nearest cent.

P = $2000
r = 7%
t = 1 year
◦ $70
◦ $140
◦ $1400
◦ $7

Question 2

The principal P is borrowed at simple interest rate r for a period of time t. Find the simple interest owed for the use of the money. Assume 360 days in a year and round answer to the nearest cent.

P = $140
r = 4%
t = 3 years
◦ $156.80
◦ $12.00
◦ $16.80
◦ $5.60

cdmart10 · **Reply #1 on:** Feb 2, 2020

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