Give the formula for simple interest where \textit{I} is the interest in dollars, \textit{P} is the principal in dollars, \textit{r} is the interest rate as a decimal, and \textit{t} is the time period in years.
\textit{I} = \textit{PRT}
Capitalization of variable(s) is important. Check that your upper and lower case match the question.
A simple interest, 8-month loan of $6,000 has an annual interest rate of 7.5%. Determine the following values.
\textit{P} = $6000
\textit{r} = 0.075
Simplify your answer completely.
\textit{t} = 0.66 years
Find the amount of interest paid on this loan.
\textit{I} = $297
Calculate the maturity value of this loan.
