How much simple interest would Kaitlyn earn on $300 at 6% for six months? A. $18 B. $9 C. $54 D. $27

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23-03-2018
Mathematics

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How much simple interest would Kaitlyn earn on $300 at 6% for six months? A. $18 B. $9 C. $54 D. $27

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Professor1994 Professor1994 · Answer 1 · 2018-03-23T23:03:58+01:00

Professor1994 Professor1994

23-03-2018

P=$300
Annual interest rate: r=6%=6/100→r=0.06
Annual interest: Ia=rP=0.06($300)→Ia=$18
Monthly interest: Im=Ia/12=$18/12→Im=$1.5
Number of months: n=6
Interest for six months: I=n Im=6($1.5)→I=$9

Answer: Option B. $9

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