BuyFind

Precalculus: Mathematics for Calcu...

6th Edition
Stewart + 5 others
Publisher: Cengage Learning
ISBN: 9780840068071
BuyFind

Precalculus: Mathematics for Calcu...

6th Edition
Stewart + 5 others
Publisher: Cengage Learning
ISBN: 9780840068071

Solutions

Chapter 1.6, Problem 2E
To determine

To fill: The terms denoted by abbreviation P, r and t in the given formula.

Expert Solution

Answer to Problem 2E

The term P stands for principle, r for interest rate and t for number of years.

Explanation of Solution

The simple interest formula gives the amount of interest I earned on a principle P for t years at an interest rate r.

I=P×r×t

Thus, the term P stands for principle, r for interest rate and t for number of years.

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