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alina1380 [7]
3 years ago
15

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=$1000 r=2% t=1 year​
Mathematics
1 answer:
Natasha_Volkova [10]3 years ago
8 0

Answer:

= $20

Step-by-step explanation:

Simple interest is given by the formula'

Interest = PRt/100, where P is the principal amount, R is the rate of interest and t is the interest period in years

Therefore;

Simple interest = ($ 1000 × 2 × 1)/100

                         = $ 20

The simple interest owed for the use of the principal at a period of 1 year is $ 20.

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