SOLUTION: A person borrows $100,000 at a 12% simple interest rate for 1/2 year. How much simple interest I in dollars is owed on the loan at the end of 1/2 year? (Enter an exact number.)
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Question 1094728: A person borrows $100,000 at a 12% simple interest rate for 1/2 year. How much simple interest I in dollars is owed on the loan at the end of 1/2 year? (Enter an exact number.)
You can put this solution on YOUR website! A person borrows $100,000 at a 12% simple interest rate for 1/2 year. How much simple interest I in dollars is owed on the loan at the end of 1/2 year? (Enter an exact number.)
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12%/yr * 1/2 yr = 6%
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6% of 100000 = 0.06*100000
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