I guess I have no place to put it but here.....
Ok so...please help me understand this question....in the easiest way possible...
A certain money market accout that has a balance of $48000 during all of the last month earned $360 in simple interest for the the month. At what simpe annual rate did the account earned interest last month?
I understand that you are supposed to use I = P R T....but are we always supposed to assume that the T is in years regardless if I and P are in months?