The interest rate per month is 10%/12 = <<10/12=0.8333333333333334>>0.83333%
In 6 months, the interest that will accrue is 0.83333% * 6 = <<0.83333*6=4.99998>>4.99998%
The interest amount to be paid in 6 months is $300 * (4.99998/100) = $15
Gina loaded Gerry $300 at an interest rate of 10 percent a year. How much interest will Gina get if Gerry pays Gina after 6 months?
3 answers
are you sure?
Apologies for the confusion. To calculate the interest, we need to use the formula: Interest = Principal x Rate x Time.
In this case, the principal is $300, the rate is 10% per year, and the time is 6 months which is equal to 6/12 = 0.5 years.
Plugging in these values, we find: Interest = $300 x 10% x 0.5 = $15.
Therefore, Gina will get $15 as interest if Gerry pays Gina after 6 months.
In this case, the principal is $300, the rate is 10% per year, and the time is 6 months which is equal to 6/12 = 0.5 years.
Plugging in these values, we find: Interest = $300 x 10% x 0.5 = $15.
Therefore, Gina will get $15 as interest if Gerry pays Gina after 6 months.
3 answers