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 360 days in a year.

P = $510, r = 4%, t = 2 years

Step 1

If P is the principal amount, r is the simple interest rate per annum expressed in %age and t is the time period over which interest is to be calculated, expressed un years then,

Simple interest = P x r x t

Step 2

For this problem,

P = $ 350, r = 4%, t = 2 years

Hence, S...

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