Question

Compute the amount of interest earned in the following simple interest problem.

A deposit of $1,600 at 6% for 180 days:

Answer 1

I=PRT
I=interest
P=principal
R=rate in decimal
T=time in yaers

365 days per year
t=180/365

given
P=1600
R=6%=0.06
T=180/365

I=1600*0.06*180/365
I=96*180/365
I=47.342

rounds to
Interst=$47.34

Answer 2

with 6% is 1,696. for 180 days, $305,280