document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=730369>Question 730369</A>: <I><SPAN STYLE=\"word-break: break-all;\"> The principal P is borrowed at a single 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 and round answers to the nearest cent.\r<BR>\n" );
document.write( "\n" );
document.write( "P=270, r=5%, t=2 years. I know I=Prt is the formula and its set up as 270*.05*___ the time is what is confusing me for some reason.. do i make the time 24 months? or 720 days /12 which is 60?<BR>\n" );
document.write( "  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #446655 by </B><A HREF=/tutors/aboutme.mpl?userid=rfer><B>rfer(16322)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=rfer><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=446655\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Interest is always given as an annual rate.<BR>\n" );
document.write( "I would use two years. I don't know if the 360 is to confuse you or you should convert to days.<BR>\n" );
document.write( "I=Prt<BR>\n" );
document.write( "I=270*0.05*2<BR>\n" );
document.write( "I=$27<BR>\n" );
document.write( "----------------<BR>\n" );
document.write( "or<BR>\n" );
document.write( "I=270*0.05/360*720<BR>\n" );
document.write( "I=$27 </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );