Question

The principal P is borrowed at a simple interest rate r for a period of time t. Find the simple interest on for the use of the money. Assume 360 days in a year.
P=$120, r=3%, t=2years

Answer 1

Answer:

$7.20

Step-by-step explanation:

The formula for simple interest is I = Prt, where P = principal, r = interest rate, t = time (usually in years), and I = amount of simple interest.

• 120 × 0.03 × 2
• 3.6 × 2
• 7.2

• $7.20

Thus, the answer is $7.20.