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What’s the simple interest for 770 at 16% for 6th months.

User Fumeng
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Final answer:

To calculate simple interest for $770 at 16% for 6 months, use the formula I = P × r × t, which gives an interest of $61.60.

Step-by-step explanation:

How to Calculate Simple Interest

The question at hand involves calculating simple interest for a principal amount of $770 at an interest rate of 16% for a period of 6 months. Simple interest can be calculated using the formula:

I = P × r × t

Where:

  • I is the interest
  • P is the principal amount
  • r is the annual interest rate (in decimal form)
  • t is the time the money is borrowed for, in years

In this case:

  • P = $770
  • r = 16% or 0.16 (as a decimal)
  • t = 6 months or 0.5 years (since 6 months is half a year)

Using the simple interest formula, the calculation will be:

$770 × 0.16 × 0.5 = $61.60

Therefore, the simple interest accrued over 6 months on a principal of $770 at a 16% interest rate would be $61.60.

User Thealon
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