Question

A friend of yours asks you for a loan of 2500 to invest in his toy sales business. You agree to apply a simple interest rate of 45% per year, and that the loan will be returned in 6 months. How much interest will he pay you?

232

likes
1162 views

Answer to a math question A friend of yours asks you for a loan of 2500 to invest in his toy sales business. You agree to apply a simple interest rate of 45% per year, and that the loan will be returned in 6 months. How much interest will he pay you?

Expert avatar
Corbin
4.6
107 Answers
1. Find the principal amount:
P = 2500
2. Find the annual interest rate:
R = 0.45
3. Find the time in years (6 months is 0.5 years):
T = 0.5
4. Use the simple interest formula:
I = P \times R \times T
5. Substitute the values into the formula:
I = 2500 \times 0.45 \times 0.5
6. Calculate the interest:
I = 562.50

The interest he will pay you is
562.50 .

Frequently asked questions (FAQs)
What is the derivative of f(x) = 3x^2 + 4x - 5? (
+
Question: What is the domain of the cube root function y = ∛(x) when x is restricted to nonnegative real numbers?
+
What is the simplified expression of 3x + 2y - 5x - 4y + 8z?
+
New questions in Mathematics
The strength of Kefexin oral suspension is 100 mg/ml. Nora has been prescribed cefalexin at a dose of 50 mg/kg/day divided in two single doses. Nora weighs 14 kg. How many milliliters of solution for Nora should be given as a single dose?
-11+29-18
STUDENTS IN A CLASS LEARN ONLY ONE FOREIGN LANGUAGE. two-sevenths of the students learn German, half of the students learn Spanish, and the remaining six students learn Italian. what is the number of students in this class? detail your reasoning carefully.
3x+5y=11 2x-3y=1
4.2x10^_6 convert to standard notation
What will be the density of a fluid whose volume is 130 cubic meters contains 16 technical units of mass? If required Consider g=10 m/s2
Determine the general equation of the straight line that passes through the point P (2;-3) and is parallel to the straight line with the equation 5x – 2y 1 = 0:
What is 28 marks out of 56 as a percentage
Suppose you have a sample of 100 values from a population with mean mu = 500 and standard deviation sigma = 80. Given that P(z < −1.25) = 0.10565 and P(z < 1.25) = 0.89435, the probability that the sample mean is in the interval (490, 510) is: A)78.87% B)89.44% C)10.57% D)68.27%
The sum of two numbers is 144. Double the first number minus thrice the second number is equal to 63. Determine the first two numbers.
A warehouse employs 23 workers on first​ shift, 19 workers on second​ shift, and 12 workers on third shift. Eight workers are chosen at random to be interviewed about the work environment. Find the probability of choosing exactly five first ​-shift workers.
Estimate the quotient for 3.24 ÷ 82
A machine produces 255 bolts in 24 minutes. At the same rate, how many bolts would be produced in 40 minutes?
From 1975 through 2020 the mean annual gain of the Dow Jones Industrial Average was 652. A random sample of 34 years is selected from this population. What is the probability that the mean gain for the sample was between 400 and 800? Assume the standard deviation is 1539
2)A tourist has 15 pairs of pants in his hotel room closet. Suppose 5 are blue and the rest are black. The tourist leaves his room twice a day. He takes a pair of pants and puts them on, the tourist leaves the first pair of pants in the closet again and takes another one and puts them on. What is the probability that the two pants chosen are black?
-1%2F2x-4%3D18
X^3 - x^2 - 4 = 0, what are the values of x?
x²-7x+12=0
How much does 7.2 moles of ammonium dichromate weigh? (NH4)2Cr2O7
5a-3.(a-7)=-3