The principal P is borrowed at 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 answer to the nearest cent. P = $110 r = 4% t = 3 years $13.20 $123.20 $4.40 $12.00
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We do this by dividing the percentage by 100. So, 4% becomes 0.04. Show more…
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