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 = $4000, r = 7%, t = 6 years

Answer 1

1680

Explanation:

( 4000 × 7 × 6 ) / 100

simple interest = ( principal × rate × time ) / 100