An amount of P dollars is borrowed for the given length of time at an annual interest rate of r. Find the simple interest that is owed. (Round your answer to the nearest cent.) P = $3200, r = 9.0%, 3 months

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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An amount of P dollars is borrowed for the given length of time at an annual interest rate of r. Find the simple interest that is owed. (Round your answer to the nearest cent.)

P = $3200, r = 9.0%, 3 months
 
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