1.a customer borrows 30000 ETB at 10% annual simple interest for 6 months.find the interest

Step 1: Identify the given values Principal (P) = 30,000 ETB; Annual Interest Rate (R) = 10% = 0.10; Time (T) = 6 months Step 2: Convert the time period to years Since the interest rate is annual, the time must be expressed in years. T = 6 months12 months/year = 0.5 years Step 3: Calculate the simple interest The formula for simple interest is I = P × R × T. I = 30,000 ETB × 0.10 × 0.5; I = 3,000 ETB × 0.5; I = 1,500 ETB The interest is 1,500 ETB.

1.a customer borrows 30000 ETB at 10% annual simple interest for 6 months.find the interest

Step 1: Identify the given values Principal (P) = 30,000 ETB; Annual Interest Rate (R) = 10% = 0.10; Time (T) = 6 months Step 2: Convert the time period to years Since the interest rate is annual, the time must be expressed in years. T = 6 months12 months/year = 0.5 years Step 3: Calculate the simple interest The formula for simple interest is I = P × R × T. I = 30,000 ETB × 0.10 × 0.5; I = 3,000 ETB × 0.5; I = 1,500 ETB The interest is 1,500 ETB.

Solved: 1.a customer borrows 30000 ETB at 10% annual simple…

Identify the given values
Principal (P) = 30,000 ETB
Annual Interest Rate (R) = 10% = 0.10
Time (T) = 6 months
Convert the time period to years
Since the interest rate is annual, the time must be expressed in years.
$T = \frac{6\ \text{months}}{12\ \text{months/year}} = 0.5\ \text{years}$
Calculate the simple interest
The formula for simple interest is $I = P \times R \times T$ .
$I = 30,000\ \text{ETB} \times 0.10 \times 0.5$
$I = 3,000\ \text{ETB} \times 0.5$
$I = 1,500\ \text{ETB}$

The interest is 1,500\ ETB.

1.a customer borrows 30000 ETB at 10% annual simple interest for 6 months.find the interest

Answer

Step-by-step solution

Identify the given values

Convert the time period to years

Calculate the simple interest

Try one yourself

Still stuck on this one?

More Mathematics Questions