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 rat
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?
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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?
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 .
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