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?

Name: Solved: 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? - MathMaster
Brand: MathMaster
Rating: 4.9 (232 reviews)

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 probability of selecting 2 red marbles from a bag containing 5 red and 3 blue marbles?

What is the range of the cubic function f(x) = x^3? Explain why the range is infinite.

In triangle ABC, if the measure of angle A is equal to the measure of angle C, and the lengths of sides AB and BC are equal, what can be concluded about triangle ABC?

New questions in Mathematics

A pump with average discharge of 30L/second irrigate 100m wide and 100m length field area crop for 12 hours. What is an average depth of irrigation in mm unIt?

The patient is prescribed a course of 30 tablets. The tablets are prescribed “1 tablet twice a day”. How many days does a course of medication last?

Calculate the equation of the tangent line ay=sin(x) cos⁡(x)en x=π/2

What’s 20% of 125?

(5u + 6)-(3u+2)=

If the midpoint of point A on the x=3 line and point B on the y=-2 line is C(-2,0), what is the sum of the ordinate of point A and the abscissa of point B?

A person borrows rm 1000 from a bank at an interest rate of 10%. After some time, he pays the bank rm 1900 as full and final settlement of the loan. Estimate the duration of his loan.

4x/2+5x-3/6=7/8-1/4-x

There are four times as many roses as tulips in Claire’s garden. Claire picked half of the number of roses and 140 roses were left in the garden. How many roses and tulips were in the Garden the first?

Suppose the Golf ball market is perfectly competitive and the functions are known: Q = 120 – 2Px – 2Py 0.2I Q = 2Px 40 Where I = Consumers' income ($200) and Py = Price of Good Y (40) Calculate the equilibrium elasticity: a) 1.6 b) -6 c) 6 d) 0.6

The ninth term of a given geometric progression, with reason q , is 1792, and its fourth term is 56. Thus, calculate the fourth term of another geometric progression, whose ratio is q +1 and whose first term is equal to the first term of the first P.G. described.