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​ = ​$5000â

Algebra ->  Customizable Word Problem Solvers  -> Finance -> 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​ = ​$5000â      Log On

Simple interest I = 5000*0.06*1 = 300 dollars.     ANSWER


Here 0.06 is 6% and 1 is 1 year.