Use the following information to compute interest using the simple interest formula: (a) principal is $500, rate

Question:

Use the following information to compute interest using the simple interest formula:

(a) principal is $500, rate is 18 percent, and time is 6 months;

(b) principal is $1,000, rate is 13.5 percent, and time is 8 months;

and

(c) principal is $108, rate is 15 percent, and time is 3 months. (Round to the nearest penny.)

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