find the simple interest for the indicated length of time.
$20000 at 5.5% interest for6 months.
20,000(0.55)(6)= $66,000
is that correct?
How can it be correct? There's no way you can earn $66,000 interest in 6 months on a $20,000 investment.
Please try again.
5.5% * 100 = ?
Or -- move the decimal point two places to the left to find the decimal number.
No, that is not the correct calculation for finding the simple interest.
To find the simple interest in this scenario, you need to use the formula:
Simple interest = Principal × Rate × Time
In this case, the principal (P) is $20,000, the interest rate (R) is 5.5% (which can be written as 0.055 as a decimal), and the time (T) is 6 months.
Now, plug in the values into the formula and calculate:
Simple interest = $20,000 × 0.055 × 6
= $20,000 × 0.33
= $6,600
Therefore, the correct simple interest for $20,000 at a 5.5% interest rate for 6 months is $6,600.