Question

Simple interest is calculated using the formula I=prt.How much simple interest does 3,000 earn in 6month at an annual interest rate of 1.5%

Answer 1

well, since a year has 12 months, then 6 months is really just 6/12 of a year, so

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$3000\\ r=rate\to 1.5\%\to (1.5)/(100)\dotfill &0.015\\ t=years\to (6)/(12)\dotfill &(1)/(2) \end{cases} \\\\\\ I = (3000)(0.015)((1)/(2)) \implies I = 22.5`