Question

The formula for finding simple interest is I  = Prt, where I is the interest, P is the principal, R is the rate of interest, and T is the time in years that the principal has been on deposit. Evaluate I  = Prt when P  = +3,000, r  = 0.06, and t  = 2 years.

Answer 1

You have the formula, all you need to do is input all the variables given to you in the formula.

I=Prt
=> I=3000*0.06*2
=> I=360