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) Explain your answer
To find the interest, we can use the formula: Interest = Principal * Rate * Time.
The principal (P) is $300 and the rate (R) is 10% or 0.10.
However, the time (T) is in years, so we need to convert 6 months to years. Once year has 12 months, so 6 months is equivalent to 6/12 = 0.5 years.
Now we can calculate the interest:
Interest = $300 * 0.10 * 0.5 = $<<300*0.10*0.5=15>>15
Therefore, Gina will get $15 interest if Gerry pays Gina after 6 months.
Explain i dont understand
Sure, let's break it down step by step.
Gina loaned Gerry $300 at an interest rate of 10 percent per year. This means that for every year Gerry keeps the loan, he needs to pay 10% of the original loan amount to Gina as interest.
Now, Gerry pays Gina back after 6 months. To calculate the interest Gina will receive for this period, we need to convert 6 months into a fraction of a year.
Since there are 12 months in a year, 6 months is equivalent to 6/12 or 0.5 years.
Next, we can use the formula to find the interest: Interest = Principal * Rate * Time. In this case, the principal or original loan amount is $300 and the rate is 10% or 0.10.
Plugging in the values, we get: Interest = $300 * 0.10 * 0.5 = $15.
Therefore, Gina will receive $15 as the interest when Gerry pays her back after 6 months.