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

The simple interest is Prt

The simple interest on the money will be $24300

Step-by-step explanation:

The complete question is shown below

The principal P is borrowed at 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=$18,000, r=7.5%, t=18 months

Principal = P

Interest rate = r

Time period = t

simple interest owed for the use of the money will be gotten as below

The percentage of the principal that will be owed per unit period is the rate r

The total rate that it will be involved in this time period will be the product of the rate and the time = r x t = rt

Finally, to know the amount of interest that this rate will result to, we multiply the total rate in the time period by the original principal borrowed

Total interest = Prt

For a simple interest on the principal P = $18,000,

the interest rate = 7.5% = 7.5/100 = 0.075,

time period = 18 months

we assume the interested is calculated on a monthly basis

Simple interest = Prt

==> 18000 x 0.075 x 18 = $24300

use this formula:

p(a\b) = p(a and b)/p(b).

take it from here.

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