Using the simple interest formula Pirt, state the rate and time required for the formula in decimal format, given that the rate is 8 and the time in 5 years The interest rate, is Using the simple interest formula 1 = Prt, state the rate and time required for the formula in decimal format, given that the rate is 8 and the time is 5 years. Grade The interest rate, is (Round to sbe decimal places as needed) The time, t, is years (Round to six decimal places as needed.)