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A friend asks to borrow $500 from you. She wishes to pay you back at the end of six months and agrees to pay 6% simple interest. How much interest will you earn? Round your answer to the nearest dollar. Do NOT round until you have calculated your final answer.

Respuesta :

The interest you will earn from the loan of 500 dollars at rate of 6% and 6 months is $15.

How to find interest?

He borrowed $500 and she will pay at the end of 6 months.

The interest rate is 6%.

Therefore,

I = prt / 100

where

  • p = principal
  • r = rate
  • t = time in years

Therefore,

I = 500 × 6 × 0.5 / 100

I = 1500 / 100

I = $15

Therefore, the interest you will earn from the loan is $15.

learn more on interest here: https://brainly.com/question/25845758

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