Concept explainers
Simple interest l in dollars is calculated using the formula
Simple interest formula
Where, p represents principal, or amount, in dollars that is invested or borrowed, r represents annual interest rate, expressed as a decimal, and t represents time, in years.
In Exercises 33-38, fine the value of the remaining variable in the simple interest formula. See Example 1. (Hint: Write percents as decimals. See Section R.2.)
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