A friend asks to borrow $500 from you. She wishes to pay you back at the end of six months and agrees to pay 6% simple interest.
How much interest will you earn? Round your answer to the nearest dollar. Do NOT round until you have calculated your final answer.
1 answer:
The interest you will earn from the loan of 500 dollars at rate of 6% and 6 months is $15.
<h3>How to find interest?</h3>
He borrowed $500 and she will pay at the end of 6 months.
The interest rate is 6%.
Therefore,
I = prt / 100
where
- p = principal
- r = rate
- t = time in years
Therefore,
I = 500 × 6 × 0.5 / 100
I = 1500 / 100
I = $15
Therefore, the interest you will earn from the loan is $15.
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