Asked by Bobbi

What is the simple interest due on a six-month loan of $3250 if the interest rate is 7.75%
Answered by Ms. Sue
Assuming that it's an annual interest rate ---

(3250 * 0.075) / 2 = ?

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