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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  ​(Round to the nearest cent as​ needed.)

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 
 
​(Round to the nearest cent as​ needed.)
 
 
check_circleAnswer
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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