help find the simple interest rate. Find the simple interst owed for the use of the money. Assume 360 days in a year. p=$4000, r=6%, t= 1year
I = PRT
I = 4,000 * 0.06 * 1
I = $240
To find the simple interest rate, you can rearrange the formula for simple interest:
Simple Interest (I) = Principal (P) × Rate (R) × Time (T)
Where:
P = Principal (the initial amount of money)
R = Rate (the interest rate)
T = Time (the length of time the money is borrowed for)
In this case, the principal (P) is $4000, the rate (R) is 6%, and the time (T) is 1 year.
Plugging in these values to the formula, we can calculate the simple interest:
I = $4000 × 0.06 × 1
I = $240
Therefore, the simple interest owed for the use of the money is $240.