Give the formula for simple interest where I is the interest in dollars, P is the principal in dollars, r is the interest rate as a
decimal, and it is the time period in years.
I =
A simple interest, 3-month loan of $4,000 has a maturity value of $4,120. Determine the following values.
I =
P =
t =
Find the annual simple interest rate r on this loan.
r=
years
Give the annual simple interest rate on this loan as a percent.
%