Math Help The Principal P is borrowed at simple interest rate r for a period of time t. Find the simple inter?

Math Help The Principal P is borrowed at simple interest rate r for a period of time t. Find the simple interest owed for the use of the money. Assume 360 days in a year and round answer to the nearest cent. P=#300 r=4% t=4 months

Please explain. Thank you.Math Help The Principal P is borrowed at simple interest rate r for a period of time t. Find the simple inter?For simple interest, I = PRT. Interest = Principal脳Rate脳Time.



Here, P = $300; R = 4% = 0.04; T = 4 months = 1/3 of a year.

I = ($300)(0.04)(1/3) = $4.00.