Answered: The principal P is borrowed at a simple…

The principal P is 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 365 days in a year. P =$530, r = 2%, t = 2 years

Holt Mcdougal Larson Pre-algebra: Student Edition 2012

1st Edition

ISBN:9780547587776

Author:HOLT MCDOUGAL

Publisher:HOLT MCDOUGAL

Chapter7: Percents

Section: Chapter Questions

Problem 48CR

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Question

The principal P is 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 365 days in a year.

P =$530,

r = 2%,
t = 2 years

Expert Solution