Gina loaned Gerry $300 at an interest rate of 10
percent a year. How much interest will Gina get if
Gerry pays Gina after 6 months? (1 point)
To find the amount of interest Gina will get if Gerry pays after 6 months, we need to calculate the interest using the formula:
Interest = Principal * Rate * Time
Given:
Principal = $300
Rate = 10% per year
Time = 6 months
The first step is to convert the time from months to years. Since there are 12 months in a year, 6 months is equivalent to 6/12 = 1/2 of a year.
Now we can substitute the values into the formula:
Interest = $300 * 10/100 * 1/2
Simplifying the expression:
Interest = $300 * 1/10 * 1/2 = $300 * 1/20 = $15
Therefore, Gina will get $15 as interest if Gerry pays after 6 months.
are u sure
Apologies for the incorrect response. To calculate the interest, we need to use the formula:
Interest = Principal * Rate * Time
Given:
Principal = $300
Rate = 10% per year
Time = 6 months
To calculate the interest, we need to convert the time from months to years. 6 months is equivalent to 6/12 = 1/2 of a year.
Now we can substitute the values into the formula:
Interest = $300 * 10/100 * 1/2
Simplifying the expression:
Interest = $300 * 0.10 * 0.5 = $15
Therefore, Gina will get $15 as interest if Gerry pays after 6 months.