Answer:
$569.80
Step-by-step explanation:
We can use the simple interest formula for this:
![A = P (1 + rt)](https://tex.z-dn.net/?f=A%20%3D%20P%20%281%20%2B%20rt%29)
<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:
![A=550(1+(0.072)(0.5))](https://tex.z-dn.net/?f=A%3D550%281%2B%280.072%29%280.5%29%29)
![A=569.80](https://tex.z-dn.net/?f=A%3D569.80)
The total amount owed in 6 months is $569.80