Question

Interest=? Principle=$580 2% 6 months *
$0.58
$5.80
$58.00
A billion dollars

Answer 1

The interest is $5.80

Explanation:

Here, we want to

calculate the interest on $580 for 6 months at a rate of 2%

Mathematically, we use the formula;

I = PRT/100

As T is not up to a year, we did use by 12 which is 6/12 = 0.5

P = 580

R = 2%

Substituting these values in the interest formula, we have;

I = (580 * 2 * 0.5)/100 = $5.80