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FromTheMoon [43]
3 years ago
9

Darius has a 6-month loan for $500. He must pay 5.6% annual interest on the loan. Using the formula for simple interest, I = Prt

, where I is interest owed, P is the amount borrowed, r is the rate as a decimal, and t is time in years, find the amount of interest owed by Darius after 6 months.
Mathematics
1 answer:
Travka [436]3 years ago
6 0
Firstly, multiply the principal P, interest in percentage R and tenure T in years.
For yearly interest, divide the result of P*R*T by 100.
To get the monthly interest, divide the Simple Interest by 12 for 1 year, 24 months for 2 years and so on.
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