The simple interest on a principal amount, p, borrowed for t years at r% annual interest is given by the following formula. which of the following describes the relationship between the variables of the simple interest formula? 1.p depends on r and t 2.r depends on p and t 3.i depends on p, r, and t 4.r depends on i

3. I depends on P, R, and T.

Step-by-step explanation:

We have been given the simple interest formula , where,

I = Amount of simple interest,

P = Principal amount,

T = Time in years,

R= Interest rate.

The bigger principal amount and higher interest rate for a long period of time will result in big amount of interest, while small principal amount at a smaller interest rate and for a small period of time will result in small amount of interest.

Since amount of interest depends on principal amount, rate and time, therefore, 3rd option is the correct choice.

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