The simple interest is given by:
[tex]I=Prt[/tex]
where P is the principal, r is the interest in decimal form and t is the time. The banker's rule lets us calculate the interest when the time is given in day; this rule states that we have to divide the exact number of days by 360 to get the interest.
In this case we know that the principal is $600, the interest rate in decimal form is 0.071 and the time is 180 days; plugging these values in the expression above we have:
[tex]\begin{gathered} I=(600)(0.071)(\frac{180}{360}) \\ I=21.3 \end{gathered}[/tex]
Therefore, the interest on the loan is $21.30
