Vincent borrowed $500 from Mitchell for six months. How much interest will Mitchell earn if he charges Vincent a simple interest rate of 3 percent?

Question

asked Apr 1, 2018 102k views

1 Answer

← Prev Question Next Question →

Ask a Question

Krunal Barot · Answer 1 · 2018-04-08T04:05:51+0000

Principal P = $500, Rate = 3 % = 3/100 = 0.03 would assume per year,
Time t = 6 months = (6/12) year = 0.5 year.

Simple Interest, I = P*r*t

= 500*0.03*0.5 = 7.5

And so therefore your answer is 7.5

Vincent borrowed $500 from Mitchell for six months. How much interest will Mitchell earn if he charges Vincent a simple interest rate of 3 percent?

Please log in or register to add a comment.

Please log in or register to answer this question.

1 Answer

Please log in or register to add a comment.

Related questions

Categories

Other Questions