In Mathematics / High School | 2014-05-27

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. Assume 360 days in a year and round answers to the nearest cent.

Given:
- \( P = \$180 \)
- \( r = 3\% \)
- \( t = 2 \) years

Asked by ginacolly