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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 and round answe…

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 and round answe…
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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 and round answers to the nearest cent.

P=$180, r=3%, t= 2 years

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User Erik Ahlswede
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7.7k points

1 Answer

3 votes
Y= (180(1+.03)^2)-180
answered
User Pete Hamilton
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7.8k points
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