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
interest=principle*i^time
interest=4000*i*1
interest=4000*.06=240 dollars
To find the simple interest rate, we can use the formula:
Simple Interest = Principal * Rate * Time
Given:
Principal (p) = $4000
Rate (r) = 6% (or 0.06 as a decimal)
Time (t) = 1 year
Substituting the values into the formula:
Simple Interest = 4000 * 0.06 * 1
= $240
Therefore, the simple interest owed for the use of the money is $240.
Note: In this calculation, we assume that the interest rate is given as an annual rate. If the time period is different from one year, the rate should be adjusted accordingly.