The principal P is borrowed at a simple interest rate r for

The principal P is borrowed at a simple interest rate r for a period of time t. Find the simple interest owed lor the use of the money. Assume there are 360 days in a year and round answers to the nearest cent. P = $8000. r = 2.5%, t = 9 months

Solution

simple interest =prt

9 months =(9/12) =3/4 year

P=8000, r =2.5% per year

simple interest =8000*(3/4)*(2.5/100)

simple interest =150.00$