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 = $900
Question 1176295: 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 = $9000, r = 3%, t = 1 year Answer by ikleyn(52778) (Show Source): You can put this solution on YOUR website! .
The simple interest is I = Prt = 9000*0.09*1 = 810 dollars.