Question
THE PRINCIPAL IS BORROWED AT SIMPLE INTREST RATE OF R FOR A PERIOD OF TIME t. Find the simple interest rate owned for the time use of the money. Assume 360 days in a year.
P=$5000, R=8.5% t =9 months.
P=$5000, R=8.5% t =9 months.
Answers
Ms. Sue
I = PRT
I = 5000 * 0.085 * 0.75
I = 5000 * 0.085 * 0.75