The Formula for Finding Simple Interest Is I = PRT $$1 \frac { 3 } { 4 }$$

question 45

Short Answer

The formula for finding simple interest is I = PRT, where I is the amount of interest charged, P is the principal amount borrowed, R is the percent of interest charged, and T is the length of time of the loan. If the interest is $315, the rate is 7.2% and the time is
$$1 \frac { 3 } { 4 }$$ years, how much money was borrowed?

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Definitions:

Monthly Rent

The periodic payment made by a tenant to a landlord for the use of a property or space.

Historical Costs

Refers to the original monetary value of an asset or transaction, without adjusting for inflation or changes in purchasing power over time.

Irreversible Costs

Expenditures that cannot be recovered once they have been made, also known as sunk costs.

Economists

Experts in the study of economics, focusing on the production, distribution, and consumption of goods and services, and the theory and management of economies or economic systems.