Question

$580 at 2% interest over 6 months

Answer 1

$499.8

Explanation:

Principal=$580

Time=6 months=1/2 year

rate=2% p.a.

prt=580*2*1

---------------

2*100

=$499.80

Answer 2

Simple Interest over the given time interval will be $5.80

Explanation:

Principal Amount = $580

Rate of Interest = 2%

= 0.02

Time = 6 months

= 0.5 years

Now, Simple Interest is given by the formula :

Simple Interest = Principal × Rate × Time

⇒ Simple Interest = 580 × 0.02 × 0.5

⇒ Simple Interest = $5.80

Thus, Simple Interest over the given time interval will be $5.80