Mathematics, 07.02.2021 22:50, maritzahernandez32
If money is invested for a short period of time, simple interest is paid using the following formula.
I = Prt
P is the money invested, or principal amount, r is the simple interest rate, and t is the time, in years, the money is invested.
Given P = $2,000, t = 2 years, and I = $280, what is the simple interest rate?
A. 7%
B. 0.7%
C. 8%
D. 0.07%
Answers: 2
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