Workout the simple interest on £530 at 4.5% per annum after six months

Question

Mathematics

Alexandra Silva

3 June, 18:03

Workout the simple interest on £530 at 4.5% per annum after six months

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Answers (1)

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Rohan Johnston · Answer 1

530 at 4.5%.

interest rate = 4.5% per year = 0.045

year has 12 months and you want 6 months therefore

12/6 = 0.5 or 2

Multiply them all

530 X 0.045 X 0.5 = 11.93 total interest

530 + 11.93 = 541.93 final amount