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Math Help - Interest

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    Smile Interest

    The simple interest I on a principal of P dollars at interest rate r for time t, in years, is given by I = Prt. Find the simple interest on a principal of $6000 at 3% for 2 years. (Hint: 3% = 0.03)
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    Quote Originally Posted by Patience View Post
    The simple interest I on a principal of P dollars at interest rate r for time t, in years, is given by I = Prt. Find the simple interest on a principal of $6000 at 3% for 2 years. (Hint: 3% = 0.03)
    Well...

    We have I = Prt given by you so that:

    I = 6000(.03)(2)

    I = $360
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