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    Simple interest owed

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    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

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    Solution Preview

    The the interest rate r is daily interest rate, the interest earned over t days is
    I = ...

    Solution Summary

    The solution shows how to calculate the simple interest owed by borrowing the principle for 30 days.