Question

In order to start a business, a student takes out a simple interest loan for $7000.00 for 6 months at a rate of 8.00 %

Answer 1

To find The interest owed the formula is
I=prt
I interest owed?
P principle 7000
R interest rate 0.08
T time 6/12
I=7,000×0.08×(6÷12)
I=280

To find the balance at the end of 6 months the formula
A=p+I
A=7,000+280
A=7,280

Hope it helps!