Answer: You want to calculate the interest on $380 at 5.3% interest per year after .5 year(s).
The formula we'll use for this is the simple interest formula, or:
Where:
P is the principal amount, $380.00.
r is the interest rate, 5.3% per year, or in decimal form, 5.3/100=0.053.
t is the time involved, 0.5....year(s) time periods.
So, t is 0.5....year time periods.
To find the simple interest, we multiply 380 × 0.053 × 0.5 to get your answer.
Step-by-step explanation:
