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Simple interest on a bank loan can be calculated by multiplying the principal times the interest rate times the time.

In the formula 4072-01-02-03-00_files/i0330000.jpg, what does I sta...

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Simple interest on a bank loan can be calculated by multiplying the principal times the interest rate times the time.

In the formula 4072-01-02-03-00_files/i0330000.jpg, what does I stand for?
a.
time c.
principal
b. interest rate d.
simple interest

Answer

Simple interest formula involves the principal, interest rate, and time.
Usually, the principal is represented by P. interest rate is represented by r.
time is represented by t.
interest is represented by i.
simple interest = principal * interest rate * time I = P * r * t I = Prt I stands for D. SIMPLE INTEREST.

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Virtual Teaching Assistant: John B.
Question Level: Basic
Karma: Free
Upload Date: 5/31/2017

This 39 words question was answered by John B. on StudySoup on 5/31/2017. The question contains content related to Math Since its upload, it has received 277 views.

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