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=$11,500.00 R=10% T=60 days​

Answer 1

Explanation:

Simple interest is

I=Prt

I=11500(0.10)(60/360)

I=$191.67