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.
1 answer:
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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