The Formula for Finding Simple Interest Is $\mathrm { I } = \mathrm { PRT }$

question 17

Short Answer

The formula for finding simple interest is $\mathrm { I } = \mathrm { PRT }$ , where $\mathrm { I }$ 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 amount of interest is $\$ 462.04$ , the rate is $18.5 \%$ and the time is $1 \frac { 1 } { 2 }$ years, how much money was borrowed?

Identify and classify types of assets and liabilities in a business context.

Understand the concept and usage of commercial paper and other short-term financing instruments.

Recognize the role of collateral in securing loans and its implications for businesses.

Understand the mechanisms of trade credits and lines of credit as methods of financing.

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