Consider the amount of simple interest earned 1 000 at 7 for 6 years Give the formula for simple interest where I is the interest in dollars P is the present value in dollars r is the annual interest rate as a decimal and t is the time in years I p r t 100 Determine the following values P 1000 r 0 07 t 6 1000 7 6 100 p r t 100 Calculate the amount of simple interest earned 420 Need Help Read It X Your answer cannot be understood or graded More Information