Math

What is the simple interest due on a six-month loan of $3250 if the interest rate is 7.75%

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  1. Assuming that it's an annual interest rate ---

    (3250 * 0.075) / 2 = ?

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    Ms. Sue
  2. IT IS A 6 MONTH LOAN, AND THE CORRECT ANSWER IS $125.94

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  3. Sorry -- I had a typo in the problem above. It's 0.0775

    You're right.

    (3250 * 0.0775) / 2 = 125.94

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    Ms. Sue

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