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

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Question 99126: 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)
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Answer by rcmcc(152) About Me  (Show Source):
You can put this solution on YOUR website!
For this question it is simple substitution
P=6000
R=.03
T= 2 an.
Assuming that it is not compounded after the first year you substitute the values into the simple interest formula
I=PRT
I=(6000)(.03)(2)
I=360