Elliot borrows $$ \$ 3,000 $$ 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? $$ \$ 30.00 $$ $$ \$ 45.00 $$ $$ \$ 90.00 $$ $$ \$ 300.00 $$

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To calculate the interest that Elliot will pay on the loan, we can use the formula for simple interest:

$$ I = P \times r \times t $$

where:
- $$ I $$ is the interest,
- $$ P $$ is the principal amount (the amount borrowed),
- $$ r $$ is the annual interest rate (in decimal form),
- $$ t $$ is the time the money is borrowed for, in years.

Given:
- $$ P = \$3,000 $$,
- $$ r = 3\% = 0.03 $$ (in decimal form),
- $$ t = \frac{6}{12} = 0.5 $$ years (since the loan is paid back in six months).

Substitute these values into the formula to calculate the interest:

$$ I = 3000 \times 0.03 \times 0.5 $$

Let's calculate this.
Calculate the value by following steps:
- step0: Calculate:
  $$3000\times 0.03\times 0.5$$
- step1: Multiply the terms:
  $$90\times 0.5$$
- step2: Multiply the numbers:
  $$45$$
Elliot will pay $45.00 in interest on the loan.
Elliot will pay $45.00 in interest.

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?

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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?