What two fractions make 1/3
1 answer:
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Answer:
$569.80
Step-by-step explanation:
We can use the simple interest formula for this:
<em>P = initial balance </em>
<em>r = annual interest rate </em>
<em>t = time </em>
<em />
First, change 7.2% into its decimal form:
7.2% -> -> 0.072
Next, since we are calculating for 6 months (1/2 of a year), the annual interest rate will be 0.5. Now, plug in the values:
The total amount owed in 6 months is $569.80