Joe borrowed $900 from Sam for six months. How much will Sam earn if he charges Joe a simple interest rate of 4 percent?
2 answers:
Answer:
Sam would earn $18.00 from Joe.
Step-by-step explanation:
Joe borrowed $900 from Sam for six months. Sam charges simple interest at the rate of 4%.
In this question we have to find out Interest for 6 months with this formula.
I = Prt
I = Interest
P = Principal ( $900 )
r = rate of interest ( 4% ) in decimal
t = time in years. (1/2 yrs.)
first we convert 4% in decimal form.
4% =
= 0.04
I = 900 × 0.04 × 
I = 36 × 
I = $18.00
Sam would earn $18.00 from Joe.
Simple interest
you can charge it monthly or yearly
find 4% and multiply by how many months or years
4% of 900=
0.04 times 900=36
that is each time the interst is added
if it is monthly, (6months so ) 6 times 36=216
if it is yearly (6months=1/2year so )6 times 1/2=3
if it is taken monthly, then Sam earns $216
if it is taken yearly, then Sam earns $3
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