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 there are 360 days in a year. P = $4000, r = 9.0%, t = 15 months

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 there are 360 days in a year. P = $4000, r = 9.0%, t = 15 months

Holt Mcdougal Larson Pre-algebra: Student Edition 2012

1st Edition

ISBN:9780547587776

Author:HOLT MCDOUGAL

Publisher:HOLT MCDOUGAL

Chapter7: Percents

Section7.7: Simple And Compound Interest

Problem 20E

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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 there are 360 days in a year.

P =

$4000,

r =

9.0%,

t =

months

Expert Solution