Question

Victoria borrowed $500 for college textbooks. The intrest rate was 6%.She plans to pay back her loan in 6 months. How much will she pay in intrest?

Answer 1

now, 6 months is not even a year, since there are 12 months in a year, then 6 months is really just 6/12 of a year, or just 1/2, then,


`\bf ~~~~~~ \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\to& \$500\\ r=rate\to 6\%\to (6)/(100)\to &0.06\\ t=years\to (6)/(12)\to &(1)/(2) \end{cases} \\\\\\ I=500\cdot 0.06\cdot \cfrac{1}{2}`