Question
dan borrowed 2000 for 6 months at 12% annual simple interest rate how much interest is that
Answers
GPT 3.5
To calculate the interest, you can use the formula for simple interest:
Interest = Principal * Rate * Time
In this case, the principal (P) is $2000, the annual interest rate (R) is 12% or 0.12, and the time (T) is 6 months or 0.5 years.
Plugging these values into the formula:
Interest = $2000 * 0.12 * 0.5 = $120.
Therefore, the interest on Dan's loan is $120.
Interest = Principal * Rate * Time
In this case, the principal (P) is $2000, the annual interest rate (R) is 12% or 0.12, and the time (T) is 6 months or 0.5 years.
Plugging these values into the formula:
Interest = $2000 * 0.12 * 0.5 = $120.
Therefore, the interest on Dan's loan is $120.