1)a person borrows money from a friend and they decide to use a simple interest formula. where i is the interest in dollars, p is the principle (original money loaned) in dollars, r is the interest rate, and t is the time in years. if the person borrowed $3000 for 3 years at a rate of 2%, how much interest will they owe for the loan?

a)$30

b)$180

c)$300

d)$360

Option b is right

Step-by-step explanation:

Given that a person borrows money from a friend and they decide to use a simple interest formula. where I is the interest in dollars, P is the principle (original money loaned) in dollars, R is the interest rate, and T is the time in years.

Here we have simple interest formula as

substitute P = 3000, R = 2% and T = 3

to get

Simple interest for 3000 $ at 2% for 3 years

=

Answer is 180 dollars

Option b is right

step-by-step explanation:

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