The formula I = Pr is used to find the simple interest, I, earned for one year when the

Chapter 3, Problem 123

(choose chapter or problem)

The formula I = Pr is used to find the simple interest, I, earned for one year when the principal, P, is invested at an annual interest rate, r. Write an expression for the total interest earned on a principal of x dollars at a rate of 15% (r = 0.15) and a principal of y dollars at a rate of 7% (r = 0.07).

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