Basic College Mathematics (9th Edition)

Published by Pearson
ISBN 10: 0321825535
ISBN 13: 978-0-32182-553-7

Chapter 6 - Percent - 6.7 Simple Interest - 6.7 Exercises: 35

Answer

Principal (the amount borrowed/loaned), rate (the percent interest rate), and time that the money was borrowed/loaned.

Work Step by Step

We know that the interest formula is: $I=P*r*t$ To calculate the interest, we need to know: P=Principal (the amount borrowed/loaned) r=rate (the percent interest rate) t=time (in months, years, etc) that the money was borrowed/loaned
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