Question: 2 . The formula for calculating simple interest is Principal X Rate X Time = Interest, where a. Principal = the amount of money earned

2. The formula for calculating simple interest is Principal X Rate X Time = Interest, where
a. Principal = the amount of money earned on the amount deposited
b. Rate = the amount of money deposited
c. Time = the number of months, years, etc., that money is deposited
d. Interest = the amount paid on each dollar saved during a time period

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