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How much simple interest would Kaitlyn earn on $300 at 6% for six months? A. $18 B. $9 C. $54 D. $27

How much simple interest would Kaitlyn earn on $300 at 6% for six months? A. $18 B. $9 C. $54 D. $27
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How much simple interest would Kaitlyn earn on $300 at 6% for six months? A. $18 B. $9 C. $54 D. $27

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User Jgradim
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1 Answer

4 votes
P=$300
Annual interest rate: r=6%=6/100→r=0.06
Annual interest: Ia=rP=0.06($300)→Ia=$18
Monthly interest: Im=Ia/12=$18/12→Im=$1.5
Number of months: n=6
Interest for six months: I=n Im=6($1.5)→I=$9

Answer: Option B. $9
answered
User Ersoy
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8.1k points
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