Question

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

Answer 1

P is the starting principle, which is $500. r is the interest, which is 3%, t is time.
So use the equation I=Prt to find the value of the interest Mitchell will earn.

Answer 2

Also when you plug in the values, you would have to change some values into decimals such as 3%=0.03

Answer 3

So $500 X 0.03 X 6?

Answer 4

Yep that would give you the answer I believe

Answer 5

That was 90 and thats not an option.. my options are
A.

$7.50




B.
$15




C.
$75

Answer 6

opps my mistake... Simple interest of 3% is actually for interest for 1 year. So if it says 6months, the time would be 0.5, not 1

Answer 7

And yeah that would give you 7.50

Answer 8

Thank you!! (:

Answer 9

can you help me again?

Answer 10

Sure go ahead

Answer 11

Walter took out a $6,000 loan for six years. He is being charged 6 percent interest, compounded annually. Calculate the total amount he will pay.

total amount = P (1 + i)t

Answer 12

nevermind.. got it. (: thanks for your help.

Answer 13

Haha nice! Is this Grade 11 data management?

Answer 14

Its consumer math lol.. and I am going into my senior year.. lol