1)A person borrows money from a friend and they decide to use a simple interest formula. where I is the interest in dollars, P is the principle (original money loaned) in dollars, R is the interest rate, and T is the time in years. If the person borrowed $3000 for 3 years at a rate of 2%, how much interest will they owe for the loan?A)$30B)$180C)$300D)$360

Answer:Option b is rightStep-by-step explanation:Given that a person borrows money from a friend and they decide to use a simple interest formula. where I is the interest in dollars, P is the principle (original money loaned) in dollars, R is the interest rate, and T is the time in years.Here we have simple interest formula as[tex]PRT/100[/tex]substitute P = 3000, R = 2% and T = 3to get Simple interest for 3000 $ at 2% for 3 years = [tex]\frac{3000(2)(3)}{100} =180[/tex]Answer is 180 dollarsOption b is right