Anonymous asked in Science & MathematicsMathematics · 9 years ago

need to know the simple interest on the problem below?

the principal P borrowed at a simple interest rate r for a period of time t. find the simple interest owed for the use of the money. Assume there are 360 days in a year and round answers to the nearest cent.

1 Answer

  • David
    Lv 7
    9 years ago

    Interest = Principal * rate(as a decimal) * time(in years)

    I = Prt

Still have questions? Get your answers by asking now.