ANSWER:
$311.94
STEP-BY-STEP EXPLANATION:
We have that the compound interest is given by the following equation:
[tex]A=P\cdot(1+\frac{r}{t})^{n\cdot t}[/tex]In this case, we know that the principal is 800, the interest is 5.5%, and the value of n is 12, since the equivalence between year and months is that there are 12 months in a year and time is 6 months.
Therefore, we replace and calculate:
[tex]\begin{gathered} A=800\cdot(1+\frac{0.055}{12})^{12\cdot6} \\ A=800\cdot1.00458^{72} \\ A=800\cdot1.38991 \\ A=1111.94 \end{gathered}[/tex]The value of A would be the value of the total debt, the interests would be the subtraction between that total and the principal, therefore:
[tex]\begin{gathered} I=1111.94-800 \\ I=311.94 \end{gathered}[/tex]Interest in 6 months would be $311.94
