The principal P is borrowed at a simple interest rate r for a period of time (t).
Find the simple interest owed for the use of money. Assume 360 days in a year and round answers to the nearest cent
P=$11,000 R=7%, t=30days
The the interest rate r is daily interest rate, the interest earned over t days is
I = ...
The solution shows how to calculate the simple interest owed by borrowing the principle for 30 days.