what is the interest and cost on a 6 month loan of $1,500 at13.2% simple annual intrest
I = PRT (Interest = Principal x Rate x Time)
13.2% = .132
6 mo = .5 yr
I = 1500 x .132 x .5
I = 198 x .5
I = 99
I don't know what you mean by cost?
Interest is a form of 'cost' for the loan.
To calculate the interest and cost on a 6-month loan of $1,500 at a simple annual interest rate of 13.2%, we need to first calculate the interest for one year, and then divide it by 2 to get the interest for 6 months.
Step 1: Calculate the annual interest:
Interest = Principal × Rate
Interest = $1,500 × 0.132
Interest = $198
Step 2: Calculate the interest for 6 months:
Interest_for_6_months = Interest / 2
Interest_for_6_months = $198 / 2
Interest_for_6_months = $99
Therefore, the interest on a 6-month loan of $1,500 at a simple annual interest rate of 13.2% is $99. The cost of the loan would be the principal plus the interest, so the total cost would be $1,500 + $99 = $1,599.