KayleeonnaQ735417 KayleeonnaQ735417

31-10-2022
Mathematics

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Calculate the simple interest on $8,500 at an 8% interest rate for 6 months.

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GuruP638896 GuruP638896

31-10-2022

The simple interest formula is

[tex]I=P\cdot r\cdot t[/tex]

Where P is the principal, r is the interest rate and t is time in years.

Replacing the given information, we have

[tex]I=8,500\cdot0.08\cdot\frac{6}{12}=340[/tex]

Therefore, the simple interest would be $340.

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