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 = 5%, t = 1 year
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 = 5%, t = 1 year
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 2E
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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.
P = $4000, r = 5%, t = 1 year
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