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?

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Definitions:

Comparative Advantage

The capability of a nation, person, corporation, or area to generate a product or service with a lesser opportunity cost compared to rivals.

Specializes

The process by which individuals, businesses, or countries focus on producing a limited scope of products or services to gain greater efficiency and expertise.

Opportunity Cost

The financial impact of rejecting the nearest superior alternative when deciding.

Box

A container, often square or rectangular, used for storage or shipping.