Question

Find Simple Interest for the following scenario:

$53,500 at 13.3% for 6 months (6 months = 0.5 years).

Answer 1

Answer:

Simple interest = $ 355,775

Explanation :

We have been given the following datas.

• Principle amount = $53,500
• Rate =13.3%
• Time = 6 months

We have to find the simplest ratio of the given scenario.

• Formula of Simple Interest = (P× R × T)/100

Simple Interest = (P× R × T)/100

Simple interest = $53,500 × 13.3 ×½

Simple Interest = $ 355775

Therefore, the required simple interest is $355775.