Question

Darius has a 6-month loan for $500. He must pay 5.6% annual interest on the loan. Using the formula for simple interest, I = Prt, where I is interest owed, P is the amount borrowed, r is the rate as a decimal, and t is time in years, find the amount of interest owed by Darius after 6 months.

Answer 1

Firstly, multiply the principal P, interest in percentage R and tenure T in years.
For yearly interest, divide the result of P*R*T by 100.
To get the monthly interest, divide the Simple Interest by 12 for 1 year, 24 months for 2 years and so on.

Answer 2

The amount of interest that's owed by Darius after 6 months will be $14

Principal = $500

Rate = 5.6%

Time = 6 months.

Based on the information given, the simple interest will be calculated as:

Simple Interest = PRT/100

Simple Interest = ($500 × 5.6 × 1/2) / 100

Simple Interest = $1400/100

Simple Interest = $14

Therefore, the amount of interest that's owed by Darius after 6 months will be $14

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