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Find the interest to be paid on a loan of 6000 granted to a family member, at a nominal rate of 15% semiannually, for 2 bi-monthly periods.

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Answer to a math question Find the interest to be paid on a loan of 6000 granted to a family member, at a nominal rate of 15% semiannually, for 2 bi-monthly periods.

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Ali
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92 Answers
1. Identify the principal amount: P = 6000.
2. Convert the annual nominal rate to a semiannual rate: r = 0.15/2 = 0.075.
3. Convert the time period from bi-monthly to half-years: n = 2/6 = \frac{1}{3}.
4. Apply the simple interest formula: I = P \times r \times n.
5. Calculate the interest: I = 6000 \times 0.075 \times \frac{1}{3} = 150.

The interest to be paid is 150.

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