SOLUTION: The simple interest I on a principal of P dollars at interest rate r for time t, in years, is given by I = Prt. Find the simple interest on a principal of $6000 at 3% for 2 years.

Question 76235: The simple interest I on a principal of P dollars at interest rate r for time t, in years, is given by I = Prt. Find the simple interest on a principal of $6000 at 3% for 2 years. (Hint: 3% = 0.03)
Answer by chitra(359) (Show Source): You can put this solution on YOUR website!
The simple interest I on a principal of P dollars at interest rate r for time t, in years, is given by I = Prt. Find the simple interest on a principal of $6000 at 3% for 2 years. (Hint: 3% = 0.03)

The formula of simple interest is given by: I = Prt

where P = principal, r= rate, t = time

Here, according to the given data,

we find that: P = $ 6,000 r = 0.03 and t = 2 yrs

Hence, substituting in the given formula, we find that I =

I = 6000 * 0.03 * 2

I = 360

Hence, the simple interest is $360

Hence, the solution.

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