Vincent borrowed $500 from Mitchell for six months. How much interest will Mitchell earn if he charges Vincent a simple interest
rate of 3 percent?
1 answer:
Principal P = $500, Rate = 3 % = 3/100 = 0.03 would assume per year,
Time t = 6 months = (6/12) year = 0.5 year.
Simple Interest, I = P*r*t
= 500*0.03*0.5 = 7.5
And so therefore your answer is 7.5
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