Question

The annual interest rate on a loan is 12% which can be represented using the expression 1.12t. Write an expression that represents the 6 month interest rate

Answer 1

1.058^2t.your gonna wanna raise 1.12 to the 1/2 power

Answer 2

`(1)/(2) * 1.12 t`

Explanation:

Given : The annual interest rate on a loan is 12% which can be represented using the expression 1.12t.

To Find: Write an expression that represents the 6 month interest rate

Solution:

Interest rate for 12 months =
`1.12 t`

Interest rate for 1 month =
`(1.12t)/(12)`

Interest rate for 6 months =
`(1.12t)/(12) * 6`

=
`(1)/(2) * 1.12 t`

Hence the expression that represents the 6 month interest rate is
`(1)/(2) * 1.12 t`