select the correct answer. vincent borrowed $500 from mitchell for six months. how much interest will…

select the correct answer. vincent borrowed $500 from mitchell for six months. how much interest will mitchell earn if he charges vincent a simple interest rate of 3 percent? simple interest = p × r × t a. $7.50 b. $15 c. $75

select the correct answer. vincent borrowed $500 from mitchell for six months. how much interest will mitchell earn if he charges vincent a simple interest rate of 3 percent? simple interest = p × r × t a. $7.50 b. $15 c. $75

Answer

Explanation:

Step1: Identify values

$P = 500$, $r=0.03$, $t=\frac{6}{12}=0.5$

Step2: Apply simple - interest formula

$I = P\times r\times t=500\times0.03\times0.5$ $I = 7.5$

Answer:

A. $7.50$