Business: Simple Interest If money is borrowed for less than a year, the interest is often calculated as simple interest, according to the formula Interest = P · r · t, where P is the principal, r is the rate (expressed as a decimal), and t is the time (in years). Find a function I(t) for the interest charged on a loan of $10,000 at an interest rate of 8% for t years. Simplify your answer.
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