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 for 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 i=prt

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

P=8000, r =2.5% per year

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

simple interest owed=150.00$