Simple Interest formula
where
• I: interest, in dollars
,
• P: principal, in dollars
,
• r: interest rate, as a decimal
,
• t: time, in years
Substituting with P = $3500, r = 0.059 (= 5.9/100), t = 0.5 (6 months are equivalent to half a year), we get:
The simple interest earned is $103.25