Answer
Simple interest
Work Step by Step
Simple interest follows the following formula:
$I=Prt$, where:
I is the interest.
P is the original principal.
r is the interest rate, expressed in decimal form.
t is the time, in years.
College Algebra (10th Edition)
by Sullivan, Michael
Published by
Pearson
ISBN 10:
0321979478
ISBN 13:
978-0-32197-947-6
Chapter 6 - Section 6.7 - Financial Models - 6.7 Assess Your Understanding - Page 474: 4
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