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Answered

What is the simple interst on $32,000 at 7% interest for 6 months?
$13,440
$1,120
$6,720
$2,240

Answer :

MHANIFAIN

Answer:

  • B. $1120

Step-by-step explanation:

Use simple interest formula:

  • I = Prt

Given:

  • P = $32000
  • r = 7% = 0.07
  • t = 6 months  = 0.5 year

Find the amount of interest:

  • I = 32000*0.07*0.5 = 1120

Correct choice is B
  • Principal=P=32000
  • Interest rate=R=7
  • Time=0.5yr

Interest be I

[tex]\\ \tt\hookrightarrow I=\dfrac{PRT}{100}=\dfrac{32000(7)(0.5)}{100}=\dfrac{112000}{100}=1120\$[/tex]

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