How much will the interest be for a $500 loan at 6% interest for one year
2 answers:
Answer:
300 dollars of interest
Step-by-step explanation:
5000 (0.06)
300
Answer:
$30
Step-by-step explanation:
You are being asked to figure out simple interest, I think.
Givens
- i = ?
- P = 500
- r = 6%
- t = 1 year
Formula
i = P*r*t
Solution
- i = 500*6%*1
- 6% = 6/100 = 0.06
- i = 500 * 0.06 * 1
- i = 30
Edit
You want this to be done using a % proportion. Is that correct from what I read in the comments after the question (which I didn't see -- sorry).
- 6/100 = x/500 That's the proportion. Cross multiply
- 6 * 500 = 100*x Multiply the numbers on the left
- 3000 = 100 x Divide both sides by 100
- 3000/100 = 100x/100 Do the division
- 30 = x
So it comes to the same thing.
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