he principal is borrowed at a simple interest rate r for a period of time t. Find the simple interest owed fo P = $830, r = 2%, t = 2 years

Corporate Fin Focused Approach
5th Edition
ISBN:9781285660516
Author:EHRHARDT
Publisher:EHRHARDT
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
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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 the money. Assume 365 days in a year.
P = $830, r = 2%, t = 2 years
(Round to the nearest cent as needed.)
Transcribed Image Text: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 the money. Assume 365 days in a year. P = $830, r = 2%, t = 2 years (Round to the nearest cent as needed.)
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