SOLUTION: What is the interest on Principal of $2,000, borrowed at 17.5% rate, for 6 months?

Algebra ->  Numeric Fractions Calculators, Lesson and Practice -> SOLUTION: What is the interest on Principal of $2,000, borrowed at 17.5% rate, for 6 months?      Log On


   

Question 1012545: What is the interest on Principal of $2,000, borrowed at 17.5% rate, for 6 months?
Answer by fractalier(6550) About Me  (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)