If I borrow $20 000 at a simple interest rate of 6% per annum,how much interest would I owe after six months?
A)$1 200
B)$600
C)$21 200
D)$20 600

Name: If I borrow $20 000 at a simple interest rate of 6% per annum,how much interest would I owe after six months? A)$1 200 B)$600 C)$21 200 D)$20 600
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Question

Quizplus · Accepted Answer

Simple interest is calculated as Principal x Rate x Time. For six months, the time is 0.5 years. So, $20,000 x 0.06 x 0.5 = $600.

If I Borrow $20 000 at a Simple Interest Rate