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Elliot borrows from a bank that is charging three percent simple interest per year. If he pays the loan back in six months, how much interest wi
he pay?



Ask by Ramos Logan. in Canada
Dec 01,2024

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Elliot will pay $45.00 in interest.

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Mind Expander

To find the interest Elliot will pay on his loan, we can use the formula for simple interest:
where is the interest, is the principal amount (or loan amount), is the annual interest rate, and is the time in years. Here, , , and (since six months is half a year).
Now substituting the values into the formula:
So, the interest he will pay is .
Answer:

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