the principal P is borrow ar the 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 and round answer in the nearest cent.1. P=$2000R=7%T=1 year2. P=$110R=5%T=2 year3. P=400R=7%T=2 months 4. P=$15500R=7%T=120 days