SOLUTION: 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 = $23
Question 1174628: 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 = $230, r = 3%, t = 2 years Answer by ikleyn(52781) (Show Source): You can put this solution on YOUR website! .
Simple interest I = P*r*t = 230*0.03*2 dollars.
The number of days (360) is not relevant to the solution of the given problem.