The Formula for Simple Interest Is I = PRT, Where

Short Answer

The formula for simple interest is I = PRT, where I is the amount of interest, P is the principal amount borrowed, R is the percent of interest charges, and T is the length of time of the loan. If the interest is $414, the principal is $3,680, and the time is one and
one-fourth years, write an equation and solve to find the percent of interest charged.