Question

Select the correct answer.

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?

simple interest = P × r × t
A.
$7.50
B.
$15
C.
$75

Answer 1

A

Explanation:

I= PRT

`simple \: interest = (500 * 3 * 1)/(100 * 2)`

`= (1500)/(200)`

=$7.50