An amount of P dollars is borrowed for the given length of time at an annual interest rate of r. Find the simple interest that is owed. (Round your answer to the nearest cent.) P = $3200, r = 9.0%, 3 months

Principles of Accounting Volume 1
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Author:OpenStax
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Chapter12: Current Liabilities
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Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...
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An amount of P dollars is borrowed for the given length of time at an annual interest rate of r. Find the simple interest that is owed. (Round your answer to the nearest cent.)

P = $3200, r = 9.0%, 3 months
 
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