   Chapter 10, Problem 8CR ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Write the formula for calculating simple interest. (10-6)

To determine

The formula to calculate simple interest.

Explanation

Simple interest refers to the amount paid by the borrower of the funds to the lender. Interest is paid by the borrower regularly over the period of time above the principal repayment. In this, the interest is calculated on the principal amount always.

The formula to calculate simple interest is I=PRT.

Where I is the amount of interest, P is the Principal Amount, R is the rate of interest, T is the time duration.

Consider that principal amount of loan is $5,000, the rate of interest is 8% and the time period is 2 years. Substitute$5,000 for principal, 0

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