Answer
interest = principal x rate x time
Work Step by Step
Simple interest is interest earned only on the principal amount.
Accounting: Tools for Business Decision Making, 5th Edition
by Kimmel, Paul D.; Weygandt, Jerry J.; Kieso, Donald E.
Published by
Wiley
ISBN 10:
1118128168
ISBN 13:
978-1-11812-816-9
Appendix D - Time Value of Money - Brief Exercises - Page D-17: BED-1
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