$770 at 16% for 6 months
770*(.16/12)*6
To calculate the interest earned on $770 at 16% for 6 months, you can follow these steps:
Step 1: Convert the interest rate to a decimal.
Divide the given interest rate by 100: 16/100 = 0.16
Step 2: Calculate the interest earned.
Multiply the principal amount ($770) by the interest rate as a decimal (0.16), and then multiply this by the time period (in years). Since the time period is given in months (6 months), divide it by 12 to convert it to years.
Interest = Principal x Rate x Time
Interest = $770 x 0.16 x (6/12)
Step 3: Solve for the interest earned.
Interest = $770 x 0.16 x 0.5
Interest = $61.60
Therefore, the interest earned on $770 at 16% for 6 months is $61.60.