The amount of simple interest earned or borrowed is the product of the principal, the annual...
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The amount of simple interest earned or borrowed is the product of the principal, the annual interest rate, and the time invested (in years). This is given by I-Prt. (a) Solve I-Prt for t. (b) Determine the amount of time necessary for the interest on $5000 invested at 6% to reach $1800. (a) In terms of I, P, and r, the formula is - The amount of simple interest earned or borrowed is the product of the principal, the annual interest rate, and the time invested (in years). This is given by I-Prt. (a) Solve I-Prt for t. (b) Determine the amount of time necessary for the interest on $5000 invested at 6% to reach $1800. (a) In terms of I, P, and r, the formula is -
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Answer rating: 100% (QA)
a The formula for simple interest is I Prt where I is the interest earned P is the princ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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