Find the

simple interest:

Princpd $6000

Interest Rate 5%

Time: 6 months

Start

Answer: The interest is: $150.00

The formula we'll use for this is the simple interest formula, or:

Where:

P is the principal amount, $6000.00.

r is the interest rate, 5% per year, or in decimal form, 5/100=0.05.

t is the time involved, 6 ... month (s) time periods.

Since your interest rate is "per year" and you gave your time interval in "month (s) " we need to convert your time interval into "year" as well.

Do this by dividing your time, 6 - month (s), by 12, since there's 12 months in 1 year.

So, t is 0.5 ... year time periods.

To find the simple interest, we multiply 6000 * 0.05 * 0.5 to get that:

The interest is: $150.00