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The principal P is borrowed at a simple interest rate r for a period of time t. Find the simple interest owed for the use of the money. Assume 360 days in a year. P=$4000, r=5% t= 1 year

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sqdancefan

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Answer:

  $200

Step-by-step explanation:

The interest is given by ...

  I = Prt

  I = ($4000)(0.05)(1) = $200

The simple interest owed is $200.

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