Question

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?
simple interest = P × r × t
$7.50
$15
$75

Answer 1

Simple interest = P × r × t
Simple interest ?
P principle 500
R interest rate 0.03
T time 6/12

Simple interest=500×0.03×(6÷12)
Simple interest=7.5

Hope it helps!

Answer 2

$15 simple interest. Convert the 3 percent in to 0.03 then multiply 0.03 x $500 which is $15 for a 1 block period of 6 months.