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Barnett/Ziegler/Byleen Finite Mathematics 11e. 2. 3.1 Simple Interest . Definition: I = Prt I = interest earned P = principal (amount invested) r = interest rate (as a decimal) t = time . Barnett/Ziegler/Byleen Finite Mathematics 11e. 3. An Example. Find the interest on a boat loan of $5,00

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