Martha borrowed $ 33.20 from sam
Borrowed amount = P×R×T
= $50×8×0.083
= $33.2
What Is Simple Interest?
Simple interest is a quick and easy method of calculating the interest charge on a loan. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.
What is simple interest and example?
Simple Interest (S.I.) is the method of calculating the interest amount for a particular principal amount of money at some rate of interest. For example, when a person takes a loan of Rs. 5000, at a rate of 10 p.a. for two years, the person's interest for two years will be S.I. on the borrowed money.
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