SOLUTION: Can someone help me on this problem? The simple interest I on a principal of P dollars at interest rate r for time t, in years, is given by I =Prt. I need to find the simple

Algebra ->  Percentages: Solvers, Trainers, Word Problems and pie charts -> SOLUTION: Can someone help me on this problem? The simple interest I on a principal of P dollars at interest rate r for time t, in years, is given by I =Prt. I need to find the simple       Log On


   

Question 47225: Can someone help me on this problem?
The simple interest I on a principal of P dollars at interest rate r for time t, in years, is given by I =Prt. I need to find the simple interest on a principal of $6,000 at 3% for 2 years. (3% = 0.03)
Thanks,
Lyn
Answer by Willie(1) About Me  (Show Source):
You can put this solution on YOUR website!
Hello Lyn,
--Given: I=?, P=$6,000, r=0.03, t=2yrs
--Now plug in your values into the given formula:
I =Prt
I=(6000)*(0.03)*(2)
I=180*(2)
I=360
The simple interest on a period of 2 years will be $360.