SOLUTION: What is the interest on Principal of $2,000, borrowed at 17.5% rate, for 6 months?
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Question 1012545: What is the interest on Principal of $2,000, borrowed at 17.5% rate, for 6 months?
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
We use the formula
I = prt
and plug in what we are given, so that
I = (2000)(.175)(.5) = $175.00 interest earned
(Remember 6 months = .5 year)
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