The principal P is borrowed at simple interest rater for a period of time t. Find the simple interest owed for the use of the money. Assume 360 days in a year and round answer to the nearest cent.

Nikolai Decker

Nikolai Decker

Answered question

2022-10-29

The principal P is borrowed at simple interest rater for a period of time t. Find the simple interest owed for the use of the money. Assume 360 days in a year and round answer to the nearest cent.

Answer & Explanation

Travis Sellers

Travis Sellers

Beginner2022-10-30Added 18 answers

Given
P = $ 110 r = 4 % = 0.04 t = 4  years
To find: Simple interest I=?
Solution:
Simple interest is given by -
I = P r t I = 110 × 0.04 × 4 I = 17.60 I = $ 17.60

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