caitie314 caitie314

30-12-2017
Mathematics

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The principal on Wallace Drucker’s savings account is $300. The APR is 5%. What is the simple interest after six months

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TheAakash TheAakash

30-12-2017

Simple interest's formula is I = Prt. Note that 6 months is 0.5 of a year, and 5% = 0.005. So:
[tex]I = 300(0.05)(0.5) = 7.5[/tex]

So, he would pay $7.50 interest after six months.

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