Assess It #40

Question

The equation I=PrtI=Prt solves for the amount of simple interest a bank account receives after a certain period of time. I stands for interest, P is the princip

Answer 1

I= Interest in decimal form, with no compounding

P= Principal

r= APR= annual interest rate

t= time in years

I=Prt for simple interest earned at r rate for t years

I and P usually measured in dollars