SOLUTION: Write the formula for simple interest, explaining what the variables represent.

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Question 386035: Write the formula for simple interest, explaining what the variables represent.

Answer by gwendolyn(128) About Me  (Show Source):
You can put this solution on YOUR website!
I=PRT
I is the simple interest
P is the principle, or starting amount invested
R is the rate, or the percentage of the original money gotten per unit of time (eg. .05% per year)
T is the amount of time that money is invested