Using the formula for simple interest and the given values, find i. p = $300; r = 9%; t=6 years; i = ? 1 = $

The interest is $162.

Step-by-step explanation:

Given : P = $300; r = 9%; t=6 years.

To find : Using the formula for simple interest find the value of I?

Solution :

The simple interest formula is given by,

Where, P is the principal P=$300

r is the interest rate r=9%=0.09

t is the time t=6 years

Substitute the value in the formula,

Therefore, The interest is $162.

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