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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Corbin

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86 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 .

2. Find the annual interest rate:

3. Find the time in years (6 months is 0.5 years):

4. Use the simple interest formula:

5. Substitute the values into the formula:

6. Calculate the interest:

The interest he will pay you is

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