Question

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=$2000, r=4%, t=1 year

Answer 1

Answer: $80

Step-by-step explanation: To find the simple interest owed, you can use the formula I = Prt, where I is the interest, P is the principal, r is the interest rate, and t is the time in years.

Substituting the given values, we get:

I = 2000 * 0.04 * 1

I = $80

So, the simple interest owed for the use of the money is $80.

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